SEOUL, Feb. 22 (UPI) -- Four South Korean oil companies were fined for illegal price rigging by the government, a local daily reported Thursday.
The Korean Fair Trade Commission said SK Corp., Hyundai Oilbank, GS Caltex and S-Oil conspired to raise overall gasoline, diesel and kerosene prices between April 1 and June 10, 2004, according to the Korea Times.
As a result, the companies were collectively fined $52.7 million by the government agency, with SK being hit with the largest sum. The Korea Times said the illegal dealing cost consumers about $258 million.
All four companies, however, are expected to file appeals as they argued that it was virtually impossible to raise prices as outlined by the FTC. SK is expected to be the first to file an appeal.
