Seoul, March 6 (IANS) The antitrust regulator said on Friday it has begun reviewing possible penalties for four companies that allegedly colluded to set prices of sweeteners for more than seven years.

Inspectors at the Fair Trade Commission (FTC) have wrapped up their six-month probe into the case and concluded that the companies formed a cartel to fix prices of starch sugar products from May 2018 to October 2025, according to FTC officials.

The companies are Daesang, SajoCPK, Samyang and CJ Cheiljedang, reports Yonhap news agency.

The inspectors estimated a combined 6.2 trillion won ($4.2 billion) worth of revenue of the companies was affected by their unfair practice, proposing the FTC slap fines on the companies and issue corrective orders, including price adjustment.

The FTC can impose a fine of up to 20 percent of the relevant sales affected by collusive conduct under relevant laws.

The FTC said it has begun a review of the investigation report to swiftly reach a final conclusion on the case and has also sent the report to the companies to help them exercise their defensive rights.

The watchdog added it will continue its efforts to eradicate collusive practices to stabilise market prices and protect people’s livelihoods.

Last month, the FTC began reviewing possible penalties for seven flour producers involved in an alleged collusion case.

In a separate case, it slapped a combined fine of 408 billion won on three major sugar manufacturers on suspicion of fixing prices.

Meanwhile, the state antitrust regulator said it will closely monitor possible price gouging practices of gas stations across the country and take necessary measures as fuel prices recently soared amid the military conflict in the Middle East.

“We will mobilise all of our regional offices to check for possible collusion of gas stations, particularly those with high fuel prices, and will launch on-site investigations immediately, depending on the monitoring results, for a comprehensive response,” the Fair Trade Commission (FTC) said in a press release.

The FTC’s announcement comes as fuel prices sharply increased over the past few days despite no immediate disruptions reported to South Korea’s oil supply from the escalating conflict in the Middle East sparked by U.S. and Israeli attacks against Iran.

–IANS

na/