Vitol and SK Trading International Settle California Gas Price Manipulation Case for $50 Million

Jul 10, 2024, 10:35 PM

Energy trading firms Vitol and SK Trading International have agreed to pay $50 million to settle allegations by California's attorney general that they manipulated the state's gasoline market. The lawsuit, which was lodged in May 2020, accused the companies of colluding to raise gas prices, causing consumers to pay higher prices. The settlement resolves claims that the firms secretly worked together to tamper with and manipulate spot market prices for California gasoline. California Attorney General Rob Bonta announced the settlement on July 10, 2024.