South Korea charges four refiners with fuel price collusion
The Public Prosecutor's Office in South Korea has filed charges against officials at major refining companies for colluding to raise fuel prices prior to the outbreak of the U.S.-Israeli war on Iran, resulting in estimated losses of $17 billion. Investigations revealed that the four companies systematically exerted pressure on fuel prices, with prices soaring sharply despite large oil inventories. These collusive practices had been ongoing for a long time and coincided with the global energy crisis.
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