SK能源、HD现代Oilbank就油品价格串通案出席韩国公平贸易委员会听证会，SK能源承诺整改定价、Oilbank否认串通

SK Energy Vows Price Overhaul as Oil Collusion Case Heads to Hearing - Seoul Economic Daily
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A gas station in Seoul on Sept. 22, two days before the Chuseok holiday. Photo by Cho Tae-hyung
SK Energy and HD Hyundai (267250) Oilbank will face a hearing at the Fair Trade Commission over allegations that they colluded on petroleum product prices during a period of volatile global oil markets driven by the Russia-Ukraine war and the U.S.-Iran conflict. FTC examiners put the sales linked to the alleged conduct at 44.1 trillion won ($30.8 billion). SK Energy laid out plans to overhaul its pricing system and strengthen internal controls, while HD Hyundai Oilbank denied the collusion allegations and signaled it would explain the facts of the case.
In a statement released on the 8th, SK Energy said it offered a sincere apology for the concern caused to the public in connection with the recent announcement of the FTC's investigation findings. The company said it would use the case as an occasion to take another close look at the entire process of setting petroleum product prices and conducting transactions, and would roll out institutional improvements and stronger internal controls in stages to build market trust.
In June, SK Energy became the first in the industry to announce a new pricing policy centered on setting and disclosing weekly supply prices in advance and abolishing after-the-fact settlements, a step aimed at making its price-setting process more transparent and improving trading practices in the distribution market. The company said it is currently building the related systems and preparing for implementation, adding that it would raise the transparency and predictability of supply prices while creating an environment in which counterparties such as gas stations can make more rational purchasing decisions.
SK Energy also said it would strengthen its fair trade and internal control systems. The company said it would expand tailored training for employees and business functions most exposed to fair trade risks, such as pricing and sales, and would make fair trade training for employees a regular practice. It added that it would continuously monitor whether relevant information is being properly managed during price-setting and would strengthen internal cross-verification procedures for major decisions.
The company said it would also tighten prior-approval, post-reporting and monitoring systems for business contacts with competitors, and apply stricter internal standards to conduct carrying fair trade risks, such as the exchange of pricing and sales information. SK Energy said it would reinforce its existing compliance functions and conduct regular reviews of fair trade and internal controls overall to establish a system in which necessary corrective measures can be carried out quickly.
HD Hyundai Oilbank said it would cooperate fully with the hearing but drew a line on the collusion allegations. The company said that because the process is only at the start of the hearing stage, it would fully explain the facts and legal issues as the proceedings move forward. It added that all of the information exchanged was after-the-fact information that had already been made public or could be verified through various channels, and that it had no effect on the company's pricing and sales policy decisions.
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Original reporting by
Park Hyo-jung
for Seoul Economic Daily.
AI-translated from Korean. Quotes from foreign sources are based on Korean-language reports and may not reflect exact original wording.
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