Korea's Fair Trade Commission accuses SK Energy and HD Hyundai Oilbank of four years of fuel price sharing, with fines of up to about 4.6 trillion won. The bill turns on how the commission prices that sharing, the conduct behind most of the 44.1 trillion won in related sales.
Perspective Coverage
3 publishers
- Builder
- Builder 10%
- Operator
- Operator 48%
- Investor
- Investor 42%
Reality
- Evidence68
- Adoption
- Insufficient
- Hype gap+25
- Incentives60
- Confidence66
The trade ministry summoned Korea's four refiners on the 14th to weigh paying more of the freight gap on crude from the Americas, Africa and Southeast Asia. September and October cargoes are already more than 90% secured.
Reality
- Evidence55
- Adoption25
- Hype gap+12
- Incentives62
- Confidence50
The trade ministry summoned SK Energy, GS Caltex, S-Oil and HD Hyundai Oilbank on the 14th, with spot Dubai crude up 53% in five weeks and the freight differential rate, once 100% and now 25%, back under review.
Reality
- Evidence48
- Adoption25
- Hype gap+8
- Incentives66
- Confidence45
Dubai crude rose $14.4 in a week to $114.7 a barrel while the Korean pump average fell 1.1 won to 1,859.1 a liter. The government's ninth-round maximum for gasoline is 1,784 won, and the report does not explain the gap.
Reality
- Evidence52
- Adoption40
- Hype gap+30
- Incentives55
- Confidence45
Korean refiners have run hard past the index this month, but the margin holding them up comes from Saudi Arabia repricing Asian crude by $11.50 a barrel and from product plants that have not come back yet.
Reality
- Evidence44
- Adoption52
- Hype gap+28
- Incentives60
- Confidence38