A 2 billion won fine imposed on NongHyup over allegations of collusion over fuel prices in Jeju

The Fair Trade Commission imposed a total fine of 2.02 billion won on Jeju Nonghyup and Seogwipo Nonghyup for allegedly colluding on the prices of light oil in the Jeju region. According to the FTC, the two cooperatives were investigated for sending the sales prices to be applied the next day to the Jeju Gas Station Association in advance and cooperating in price increases and maintenance. The association is known to have then required its member gas stations to comply with the benchmark prices based on this. The FTC also imposed a 30 million won fine on the Jeju Gas Station Association along with a corrective order. This action confirmed that collusion had been behind the reason gasoline, diesel, and kerosene prices in Jeju were kept higher than on the mainland.