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South Korean prosecutors on Monday indicted four major domestic oil refiners on charges of violating the country's fair trade laws.
The case rests on allegations of price collusion — an arrangement in which competing companies coordinate prices rather than compete independently.
For an economy where refined fuel runs through nearly every supply chain, a criminal prosecution of this scale reaches well beyond the refining sector.
What Price Collusion Means Price collusion happens when companies that are supposed to compete against each other instead agree, openly or quietly, to set prices in tandem.
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