Vitol, SK Settle California Fuel Rigging Probe for $50M

Firms Were Alleged to Have Manipulated Californian Gasoline Markets in 2015 When Refinery in Torrance Exploded
Person fueling vehicle
A driver fuels up in San Francisco. (David Paul Morris/Bloomberg News)

[Stay on top of transportation news: Get TTNews in your inbox.]

California Attorney General Rob Bonta said the state reached a $50 million settlement with commodity traders Vitol and SK Energy Americas after it alleged the firms acted together to manipulate local gasoline markets.

It’s the latest instance in which commodity traders have faced legal enforcement over market manipulation in the U.S. Vitol and SK Trading were alleged to have manipulated Californian gasoline markets in 2015 when a refinery in Torrance exploded.

Representatives for Vitol and SK Energy Americas didn’t immediately respond to requests for comment.

RELATED: Diesel Price Rises 5.2¢ to $3.865

In 2020, Vitol paid more than $160 million to settle charges in the U.S. over corruption and attempted manipulation of physical oil benchmarks.

Want more news? Listen to today's daily briefing below or go here for more info: