Yukong Corporation, Honam Oil Refinery, Gyungin Energy, Ssangyong
Oil Refining, Kukdong Oil, and Yeosu Energy agreed to determine their
market share set with respect to 11 oil product types, including gasoline,
kerosene, and gas oil, based on their previous sales performance, and fix
their sales output volumes accordingly. The KFTC imposed a total of KRW
2,097 million in surcharges on the respondents and issued a corrective order
to stop the cartel and report monthly sales performances to the government.
This case is significant for that the MRFTA was applied to a regulated
industry (oil industry in this case) thereby, served as a momentum to
promote free competition in the market. This case is also noteworthy since
it is the first surcharge imposed in this industry.