[SK Energy and Hyundai Oil Bank are under investigation by South Korea’s antitrust agency for suspected price manipulation] On October 8, it was reported that the Korea Fair Trade Commission (KFTC) stated on October 7 that it had launched formal procedures against SK Energy and Hyundai Oilbank, accusing the two refiners of exchanging fuel pricing information and colluding sales prices for about four years. The agency said its investigative division initiated the committee's adjudication process by submitting a review outlining alleged violations and proposed sanctions. Investigators estimate that sales affected by the alleged conduct total about 44.1 trillion won (approximately $33 billion), or about 30 billion won (approximately $22.4 million) per day. The Commission's investigative arm determined that the two companies may have seriously violated regulations prohibiting price fixing and illegal exchange of competitively sensitive information. It recommended a correction order and financial penalties. According to reports, South Korea’s gasoline, diesel and kerosene markets are highly concentrated. Last year, SK Energy, Hyundai Oil Bank, GS Caltex and S-Oil accounted for approximately 98% of the market share, with SK Energy and Hyundai Oil Bank together accounting for 49.1%.