South Korea Charges Refiners With Gas Price Gouging

AI Summary

South Korean prosecutors have charged all four of the country's refiners with collusion leading to fuel price gouging harming consumers by $17 billion. The charges follow alleged coordinated price increases during geopolitical tensions involving the US, Israel, and Iran.

South Korean prosecutors have charged all four refiners in the country with collusion on fuel prices that resulted in $17 billion in harm, Reuters has reported, citing the Korean authorities. According to a media briefing by the lead prosecutor in the case, two refiners had coordinated on the size and timing of fuel price increases after the war between the United States and Israel, and Iran broke out at the end of February. In addition to the companies, the prosecutors also charged four employees individually. The participating companies were…