Vitol and SK Energy Settle California Gasoline Market Manipulation Case for $50 Million

Jul 10, 2024, 05:14 PM

Energy trading firms Vitol and South Korea’s SK Trading International have agreed to pay $50 million to resolve allegations by California's attorney general that they manipulated the state's gasoline market. The lawsuit accused the firms of secretly working together to tamper with and manipulate spot market prices for California gasoline, causing consumers to pay higher prices. This settlement marks a significant resolution in the state's efforts to regulate and maintain fair market practices in the energy sector.