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Government Launches 'Everyone's AI' Initiative to Provide Personal AI Agents The South Korean government is advancing its 'Everyone's AI' initiative, aiming to provide each citizen with a personal AI agent by the end of the year. Instead of merely integrating AI into existing services, the government plans to create new services and expand the use of graphics processing units (GPUs) for participating companies.On July 21, the Ministry of Science and ICT and the National IT Industry Promotion Agency (NIPA) held a briefing on the 'Everyone's AI' initiative at the Front One building in Mapo-gu, Seoul. Over 100 representatives from companies including LG Uplus, Saltlux, Rebellion, Eastsoft, and AXZ attended the event. Selected companies will develop general AI chatbots and public AI agents using 512 government-supported B200 GPUs.The Ministry emphasized a preference for companies that implement separate services rather than simply adding AI features to existing platforms. Lee Jong-geun, a senior official at the Ministry, stated, "The government envisions the Everyone's AI service as a distinct offering. Merely adding some AI functions to existing platforms does not align with our planning direction." He added that while the service does not have to be a standalone app, companies can propose specific formats, including apps, websites, or integrations with existing platforms.NIPA reiterated this stance. Kim Myung-sun, a senior official at NIPA, remarked, "Simply replacing models in existing services does not align with the initiative's purpose and is unlikely to receive favorable evaluations. While we do not prohibit improvements to existing services, the goal of Everyone's AI must be realized for the benefit of the public."The Ministry also outlined detailed criteria for utilizing domestic AI models, the scope of free offerings, and GPU operations. A key point is that essential functions must remain free, even if they exceed government support limits. Foreign AI models will only be permitted in minimal cases where domestic alternatives are not feasible.Ko Jin-ho, a senior official at the Ministry, emphasized, "Our goal is to implement essential AI agents for all citizens, with a principle of free provision. The use of foreign models will be allowed only when companies provide unique services." He added that the government does not plan to support the use of foreign models.GPU operation criteria have also been relaxed. Companies can now use government-supported GPUs during the service development and enhancement phases. Lee noted, "We should allow some flexibility in the development and enhancement processes, including utilizing idle GPU time."Additionally, the government proposed a plan for opening public data to support the development of public AI agents. This will involve gradually releasing public data in consultation with relevant ministries, considering privacy and security concerns, to assist companies in implementing public services.Based on this framework, the Ministry plans to hold an agreement ceremony on September 1 and operate a beta service by December. Ultimately, the government aims to select two to three companies to launch official services next year.Meanwhile, Kim Yong-beom, head of the Presidential Policy Office, presented the vision for an AI-based society through his social media. He argued that the AI market should be expanded based on public services and emphasized the need for annual evaluations of the Everyone's AI initiative, insisting on a self-sustaining plan from the outset.* This article has been translated by AI. 2026-07-21 14:08:00
429 Teams Participate in Employment and Labor Public Data and AI Contest; 14 Winners Announced The Ministry of Employment and Labor has identified innovative ideas for labor and employment services utilizing public data and artificial intelligence (AI). Winning entries included solutions aimed at addressing field issues such as industrial safety, labor rights protection, employment of people with disabilities, and the rights of foreign workers.On July 21, the ministry held an awards ceremony for the '5th Employment and Labor Public Data and AI Utilization Contest' at the headquarters of the Korea Employment Agency for the Disabled in Seongnam, Gyeonggi Province. This contest was organized to discover creative ideas and services that leverage public data and AI technology in the employment and labor sector, promoting digital administrative innovation.This year, a total of 429 teams participated, an increase of 234 teams (120%) from last year. The contest was divided into two categories: idea planning and product/service development, attracting not only university students and startups but also many non-majors utilizing AI. After a document review and expert presentations, 14 outstanding entries were selected.In the idea planning category, selected projects included an AI counseling assistant designed to enhance protections for emotional laborers, a voice safety agent that responds within 10 seconds to chemical accidents based on Material Safety Data Sheets (MSDS), and an AI matching platform connecting urban surplus labor with rural workforce needs.Also recognized was a system that detects high-risk workplaces for wage exploitation of migrant workers and suggests inspection priorities, as well as an employment support service that identifies risk signals in the workplace for employees with developmental disabilities.Other notable entries included a customized corporate health evaluation service for job seekers using lists of employers with wage arrears and employment and industrial accident insurance information, and an AI companion service that recommends policies and work experiences tailored to the recovery stages of young people preparing for employment.In the product/service development category, winners included an AI platform for labor rights diagnosis and complaint filing based on labor committee rulings, an automated safety and health report generation service using industrial safety cameras, and an integrated SaaS platform for industrial safety.Services that create risk analysis reports from a single field photo using over 400,000 cases of industrial accidents and automated document generation for risk assessments and safety training were also among the awardees.Additionally, a customized matching platform for people with disabilities that recommends jobs based on disability type, accessibility, and work environment, as well as an AI service providing labor consultations in native languages for foreign workers, were selected.The winning teams will receive certificates, including the Minister of Employment and Labor Award, and a total prize of 18 million won. The ministry plans to support the promotion of excellent cases, expert mentoring, and data provision to ensure that this contest leads to entrepreneurship and service commercialization.Son Pil-hoon, head of the ministry's Planning and Coordination Office, stated, 'This contest was a meaningful opportunity to discover innovative services that the public can feel, where data and AI technology in the employment and labor sector intersect. We will expand public data openness and strengthen the foundation for AI utilization to support the transformation of creative ideas from the private sector into actual services.'* This article has been translated by AI. 2026-07-21 14:04:00
Government Pushes for AI Agent Regulation Improvement to Enhance Physical AI Competitiveness The government is accelerating efforts to improve regulations for AI agent commerce and to build a data ecosystem aimed at fostering physical AI as a future growth engine.On July 21, the Ministry of Economy and Finance held the second forum of the 'Korea Strategic Economy Forum: The Path of Korea's Strategic Economy in the Era of AI Transformation' at the Lotte Hotel in Seoul, where they discussed policy directions to respond to the era of AI agents and physical AI.The forum focused on the theme 'The Present and Future of AI: AI Agents and Physical AI,' exploring the development direction of next-generation AI technologies and strategies to secure national competitiveness.Lee Hyung-il, First Vice Minister of the Ministry of Economy and Finance, stated, "AI agent commerce and physical AI are new areas that AI is rapidly pioneering. We will push for regulatory improvements to enable the practical demonstration of AI agent commerce services using regulatory sandboxes." He added, "We will create a virtuous cycle system where data is built, utilized, and circulated to secure world-class competitiveness in the physical AI sector, and we will swiftly implement related policies as speed is crucial for competitiveness."Park Young-sun, chair of the Strategic Economic Advisory Group, emphasized in her keynote speech that "AI is not just a technological innovation but a turning point that changes the economic system itself," noting that new financial infrastructures such as semiconductors, data, power, robotics, and stablecoins, along with the supporting laws and regulations, will determine national competitiveness. She also highlighted the need for innovation and inclusivity to ensure that small and medium-sized enterprises and small business owners are not left behind in the process of enhancing economic efficiency through AI.The forum included two sessions focused on 'AI Agent Commerce' and 'Physical AI and Data.' Participants identified key policy tasks such as establishing standards and payment infrastructure in preparation for the spread of AI agent-based commerce, assetizing manufacturing AI data, and creating an on-device AI ecosystem.Based on the policy suggestions discussed at the forum, the Ministry of Economy and Finance plans to continue supporting policies aimed at fostering AI-based future growth engines and enhancing industrial competitiveness.* This article has been translated by AI. 2026-07-21 14:04:00
Honda Extends Joint Venture with Guangzhou Automobile Despite 60% Sales Drop Honda has decided to extend its joint venture agreement with Guangzhou Automobile Group for another 10 years, despite a 60% drop in new car sales in China over the past five years. The company aims to continue its operations in China while adapting to rapid market changes, which is why the new contract period is shorter than the previous 30 years.According to the Nihon Keizai Shimbun (Nikkei), Honda will extend its joint venture contract for Guangqi Honda until 2038. The previous agreement was set to expire in 2028. Honda announced the extension on July 20, stating, "We will continue to showcase products that leverage the strengths of both companies in the world's largest automotive market, China." However, a Honda representative noted that due to the fast pace of change in the Chinese automotive market, it is difficult to predict conditions 30 years ahead, but a 10-year period allows for a reasonable assessment of the business environment.Guangqi Honda has played a crucial role in Honda's operations in China. The joint venture was established in 1998 with a 30-year agreement, making Honda one of the first major Japanese automakers to begin passenger car production in China the following year. The first model produced, the Accord sedan, remains a key offering today.In 2003, Honda also established a joint venture with Dongfeng Motor Group, known as Dongfeng Honda, further expanding its operations in China. The company saw significant growth, with local new car sales reaching 1.62 million units in 2020, making China a vital market for Honda's global sales.However, the landscape has changed as the Chinese automotive market rapidly shifts towards electric vehicles (EVs). While domestic companies like BYD and Xiaopeng have surged, Honda has struggled to adapt to these changes. Honda's new car sales in China fell to 640,000 units in 2025, a 60% decrease from 2020. Guangqi Honda sold 340,000 units, while Dongfeng Honda sold 300,000. Due to poor sales, Guangqi Honda halted operations at its Guangzhou Huangpu plant, which has an annual production capacity of 240,000 units, starting in July this year. As sales continued to decline, discussions arose among parts suppliers about the potential end of the Guangqi Honda joint venture. A representative from a parts supplier stated, "We were preparing for the possibility that the Guangqi Honda contract might end due to the significant drop in sales."Contract ExtensionDespite this, Guangzhou Automobile strongly desired to extend the joint venture agreement. According to Nikkei, the company's own brand division reported a loss of 8,300 yuan (approximately $1,181) for every vehicle sold last year. Overall sales, including those from the joint venture, fell by 14% to 1.72 million units, marking the first annual net loss since the company went public in 2010. Although the financial situation has worsened, Guangqi Honda accounted for about 20% of Guangzhou Automobile's total sales. The company also projected that Guangqi Honda's financial situation would begin to improve significantly starting in 2027.Prior to the contract extension, Honda and its Chinese counterpart engaged in negotiations for over two and a half years regarding the restructuring of their engine business. As sales of EVs and plug-in hybrids increased in China, demand for engines decreased. Honda proposed that Guangqi Honda acquire a 50% stake in the engine joint venture held by Dongfeng Motor. Honda communicated to Guangzhou Automobile that it would not discuss the future of the joint venture beyond 2028 until the engine business issue was resolved. After the stake acquisition was finalized at the end of last year, Honda President Toshihiro Mibe visited Guangzhou in April to discuss the joint venture agreement with the management of Guangzhou Automobile. In mid-May, a Honda executive stated, "It is important for us to maintain our connection with China and use it as a foothold for our operations."Competition in the Chinese market is becoming increasingly fierce. Due to domestic economic stagnation, overall new car sales in China fell by 21% in the first half of the year compared to the same period last year. The competition among Chinese automakers has intensified, with over 500 new models launched from January to May. Honda has fallen behind in introducing new models. After launching new vehicles through its joint ventures in March and April of last year, it has not released any follow-up models and has no plans for new EV launches this year.Honda plans to leverage the development capabilities of its Chinese joint venture partners to regain market share. Mibe announced in May that the company would launch models utilizing vehicle platforms developed by its joint venture partners in the Chinese market, aiming to capitalize on the advanced technology of Chinese companies in the EV sector. A parts supplier representative remarked, "If we fail in the competition in the Chinese market, we cannot succeed globally," adding that the contract extension sends a clear message that Honda is not giving up on China.Following the announcement of the contract extension, Honda's stock price fell by 1.66% during trading on July 21. Nikkei attributed the decline to concerns over the intense competition in the Chinese market. Hiroki Ihara, an analyst at Tachibana Securities, noted, "While the business environment in China is challenging, it seems that the decision reflects the understanding that Honda cannot afford to lose the world's largest market. The short-term impact on performance is likely to be limited, resulting in a muted stock reaction."* This article has been translated by AI. 2026-07-21 14:00:00
Korea's Small Business Association Recognizes Leading Cooperative Companies The Small Business Association of Korea held the 6th Distribution Cooperation Conference on July 21 in Yeouido, Seoul, in collaboration with the Korea Department Store Association, the Korea Online Shopping Association, and the Korea Chain Store Association.The conference aims to share exemplary cases of cooperation between large and small businesses in the retail sector and to reward model companies, promoting a culture of cooperation. This year marks the sixth iteration of the event.This year's recognized cooperative companies include Hyundai Department Store, E-Mart, 11st, and Lotte On. Hyundai Department Store and E-Mart received commendations from the Fair Trade Commission Chairman, 11st was honored by the Chairman of the National Assembly's Political Affairs Committee, and Lotte On received recognition from the Chairman of the Win-Win Growth Committee.Hyundai Department Store presented exemplary cases of cooperation and expressed its commitment to continue its collaborative efforts through the Retail Cooperation Council and the Small Business Retail Cooperation Committee.Kim Gi-moon, Chairman of the Small Business Association, stated in his opening remarks, "The retail industry is facing an unprecedented crisis due to prolonged domestic demand stagnation and intensified competition from overseas e-commerce. The solution to overcoming this crisis lies in cooperation between large and small businesses." He emphasized that if leading domestic retailers support small businesses and local merchants, the value of cooperation will shine even brighter.Lee Byeong-moon, Second Vice Minister of the Ministry of SMEs and Startups, remarked in his congratulatory speech, "Cooperation is a key strategy for enhancing corporate competitiveness," and assured that the ministry would actively support the establishment of a cooperative ecosystem that underpins the competitiveness of Korea's retail industry.* This article has been translated by AI. 2026-07-21 13:56:00
SAMG Entertainment Shares Rise Ahead of 'Love Hachuping 2' Release SAMG Entertainment is experiencing a surge in its stock price ahead of the release of the animated film 'Love Hachuping: The Legend of the Whale Gem.' As of 1:24 p.m. on July 21, SAMG Entertainment shares were trading at 29,250 won, up 2,550 won (9.55%) from the previous trading day. During the session, the stock rose as high as 29,450 won, further increasing its gains. The buying momentum is attributed to strong expectations for the upcoming film, set to premiere on August 5. This film is a sequel to 'Love Hachuping,' which attracted 1.24 million viewers last year. SAMG Entertainment is expanding its reach beyond animation, leveraging its intellectual property (IP) from titles like 'Catch! Tini Ping' into toys, performances, and licensing. The company recently unveiled a new corporate identity (CI) to mark its 25th anniversary, outlining its vision and business strategy as a global IP content company. Lee Hyun-ji, a researcher at Eugene Investment & Securities, stated, "The first installment of Love Hachuping, released in 2024, successfully attracted over 1.2 million viewers, boosting product and licensing sales. The fourth quarter of this year is expected to see the release of Season 7 of Catch! Tini Ping, which, along with the film, will contribute to the steady growth of the Tini Ping IP and lead to record earnings."* This article has been translated by AI. 2026-07-21 13:56:00
President Lee: Profit Distribution Not a Labor Dispute President Lee Jae-myung stated on July 21 that the issue of distributing a portion of operating profits to workers is unlikely to be classified as a labor dispute.In response to claims by the Samsung Electronics union that the construction of a semiconductor plant at the Gwangju military airport site should be a subject of labor negotiations, he emphasized that the overall exercise of management rights cannot be a matter of dispute and directed the Ministry of Labor to establish clear criteria.During a Cabinet meeting at the Blue House, President Lee addressed the recent controversy surrounding the scope of labor disputes. He stressed the need for the government to provide certain standards regarding labor disputes, stating, "It is the government's role to provide certain criteria regarding labor law. It is not necessary to legislate every issue; legislation serves as a comprehensive standard, while the executive branch is responsible for specifying it." Minister of Employment and Labor Kim Young-hoon commented on the claims made by the Samsung Electronics mega union, stating, "We believe that the decision by Samsung Electronics to build a large-scale semiconductor plant in Gwangju does not fall under the category of a labor dispute. We have also issued a press release indicating that it contradicts the intent of the labor law amendment." In response, President Lee noted, "There are management decisions related to personnel rights and working conditions, but the boundaries are unclear. The question of whether distributing a percentage of operating profits is a matter of dispute is being debated across various workplaces, and there are many that are considering whether to strike over this issue." He further remarked, "There is also a government position on this matter, and it would be better to clearly establish guidelines in advance through enforcement decrees, presidential orders, enforcement rules, and labor ministry guidelines." President Lee urged, "Before disputes arise and are judged by the Labor Commission and then go to court, please organize this through presidential orders, enforcement rules, guidelines, and notices if necessary. This will help reduce social disputes." He added, "If we continue to expand this way, will there be an end? I ask that you quickly organize it within reasonable limits." Regarding the military airport, he stated, "If a factory is built in Gwangju, there may be a possibility of relocation, which seems to be the basis for the claim that it is a subject of labor disputes. However, if we consider it that way, there cannot be any management rights exercise unrelated to all companies. Issues like inheritance or the sale of management rights could also be seen as potentially worsening working conditions, leading to endless disputes." * This article has been translated by AI. 2026-07-21 13:52:00
Op-ed: Brâncuși, Romania's Legendary Artist: A Bridge to Korean Modernism Editor's Note: The following opinion article is contributed by Choe Chong-dae, a longstanding member of the Royal Asiatic Society Korea and enthusiast of international cultural and historical affairs. SEOUL, July 21 (AJP) - My longstanding interest in art and my particular appreciation for cultural heritage recently brought me to a special exhibition honoring the life and legacy of Constantin Brâncuși (1876–1957). Entitled Brâncuși – From Romania to Paris and the World, the exhibition was presented at the Seoul History Museum. I had the privilege of attending the opening ceremony on July 3 at the invitation of H.E. Mr. Cezar Manole Armeanu, Ambassador of Romania to the Republic of Korea. The program featured a striking photo exhibition showcasing some of Brâncuși’s most representative masterpieces, providing guests a unique opportunity to explore the creative vision of the artist widely regarded as the founding father of modern sculpture. Standing at the exhibition, surrounded by photographs of his iconic works while sipping a rich glass of Romanian wine, I found myself thinking less about rigid art history and more about how desperately our fast-paced modern world needs his philosophy right now. The event carried profound historical weight, as 2026 marks the momentous 150th anniversary of Brâncuși's birth. To commemorate the milestone, the exhibition featured a screening of a documentary film by Cornel Mihalache, a prominent Romanian director, senior TV journalist, and the recently appointed manager of the Brâncuși Center in Târgu Jiu. A lifelong Brâncuși scholar, Mihalache has spent decades documenting the sculptor’s life and fiercely exposing art forgeries that threaten the authenticity of his work. The screening was followed by an engaging panel discussion between Romanian and Korean art critics. Born in rural Romania, Brâncuși brought his homeland’s rich folk woodcarving heritage with him when he moved to Paris in 1904. He fiercely protected his artistic independence, famously leaving a highly coveted spot in Auguste Rodin’s studio because, as he legendarily declared, “Nothing can grow under big trees.” Free from Rodin’s influence, Brâncuși developed a revolutionary aesthetic characterized by simplicity, purity, and a relentless search for the essence of form. Rather than merely reproducing outward appearances, he sought to express profound metaphysical truths through clean lines and refined shapes. This vision gave rise to such celebrated masterpieces as Sleeping Muse (an exploration of slumber and creative inspiration), The Kiss, and the Bird in Space series, which triumphantly captured not the physical likeness of a bird, but the very concept of flight. One of the defining milestones of Brâncuși’s career came in 1926, when a version of Bird in Space arrived in the United States. Perplexed customs officials refused to recognize the abstract sculpture as art, instead classifying it as an industrial object subject to hefty import duties. The ensuing historic court case ended in Brâncuși’s favor, securing a landmark victory that legally validated the entire modern art movement. Brâncuși’s greatest public achievement is found in Târgu Jiu, Romania, where he created a monumental ensemble honoring the brave soldiers who defended the city during World War I. Completed in 1938, the outdoor complex consists of The Table of Silence, The Gate of the Kiss, and the soaring Endless Column. Together, these monumental works form a powerful, poetic meditation on sacrifice, memory, and spiritual transcendence. Carefully restored in the early twenty-first century, the site remains one of Romania’s most treasured cultural landmarks and a UNESCO World Heritage site. Today, Brâncuși’s legacy spans the globe, leaving a profound mark on the trajectory of Korean modern and contemporary art. By embedding himself in the European avant-garde, he pioneered a radical approach centered on abstraction and the essential spirit of his subjects, fundamentally redefining what sculpture could be. For generations of Korean artists studying or working in France, encountering Brâncuși's legacy through European museums, galleries, and the École de Parismilieu proved transformative. His enduring impact is most evident in how Korean artists approach two core concepts: Spiritual Abstraction (truncating reality into essential, organic forms—a pursuit that deeply resonated with traditional Korean aesthetics of simplicity, restraint, and natural beauty) and Material Consciousness (an artistic reverence for raw mediums such as stone, wood, or metal, allowing the inherent character, texture, and voice of the material to express itself). While masters of the European diaspora like Lee Ungno and Kim Tschang-yeul engaged deeply with Western modernism to forge their own distinct paths, later generations of Korean sculptors working in Europe drew even more directly from the minimalist and abstract foundations Brâncuși helped establish. Perhaps the most compelling connection lies in the deep philosophical affinity between the Romanian sculptor and the pioneers of Dansaekhwa (Korean monochrome painting), such as Park Seo-bo and Ha Chong-hyun. Though working with canvas and alternative mediums rather than chiseling stone, these Korean artists beautifully mirrored Brâncuși’s foundational ethos. Their rigorous emphasis on repetitive rhythm, extreme restraint, the tactile materiality of the medium, and art as a grueling form of spiritual discipline all echo Brâncuși’s lifelong quest to strip away the superfluous and capture the pure essence of being. Marking Constantin Brâncuși’s 150th anniversary, the Brâncuși – From Romania to Paris and the World exhibition strengthened the bond between Romania and Korea—paving the way, hopefully, for a full display of his original sculptures in Korea soon. 2026-07-21 13:50:35
Ministry of SMEs Launches Founders Circle to Foster Entrepreneur Network The Ministry of SMEs and Startups is establishing a network program for participants in the 'All Entrepreneurship' project to connect with senior and fellow entrepreneurs.On July 21, the ministry announced that it will hold the 'Founders Circle' in three locations: Seoul, Daejeon, and Busan.This initiative aims to expand the 'All Entrepreneurship Community,' allowing members of the startup ecosystem to engage in ongoing communication and collaboration.The event will feature a two-part format to encourage meaningful dialogue among attendees. The first part will include a panel discussion where experienced entrepreneurs will share their journeys, from the moment they decided to start their businesses to how they navigated growth and overcame challenges. The second part will consist of small group discussions, pairing one senior entrepreneur with about 20 participants, allowing for open exchanges about entrepreneurial concerns.Additionally, the ministry has been conducting nationwide meetings since June 29, visiting 17 cities and provinces to gather feedback. On July 8, it held a session for selected participants from the Chungcheong region, followed by another for the Seoul metropolitan area on July 15.Yong-seok Noh, the First Deputy Minister of SMEs and Startups, stated, "We will build a community where entrepreneurs can communicate and collaborate freely, creating an ecosystem where entrepreneurship is a collective challenge rather than a solitary endeavor."* This article has been translated by AI. 2026-07-21 13:48:00
Oil Supply Secured at 110% for July-August, 90% for September Amid Middle East Tensions As tensions between the United States and Iran reignite, supply chain instability in the Middle East is intensifying. However, the government reports that crude oil supply remains relatively stable.The Ministry of Trade, Industry and Energy announced on July 21 that "crude oil supply for July and August has been secured at over 110% compared to the average of the previous year," adding that "the amount of crude oil to be imported in September is also steadily increasing, with about 90% secured compared to last year." Yang Gi-wook, head of the ministry's Resource Security Division, stated, "The amount of crude oil secured for September continues to rise." Amid renewed clashes between the U.S. and Iran, the Houthi rebels in Yemen recently declared a maritime blockade against Saudi Arabia. This has raised concerns about potential blockages at Bab el-Mandeb, the entrance to the Red Sea, leading to a rise in international oil prices the previous day.However, reports that Iran has received a 10-day ceasefire proposal from mediators led to a slight decline in international oil prices on the same day.Since the signing of a memorandum of understanding (MOU) for a ceasefire between the U.S. and Iran, three of the six oil tankers that passed through the Strait of Hormuz on June 17 en route to South Korea have already arrived in the country. The remaining three tankers are expected to arrive within this week.Meanwhile, President Lee Jae-myung addressed the issue of the oil price cap during a cabinet meeting at the Blue House on the morning of July 21, stating, "The situation in the Middle East is worsening again, and there is no clear prospect for an early ceasefire or resolution." He emphasized the need to closely monitor the impact on domestic prices.He added, "According to the original plan, we should have lowered or abolished the price cap by now, but it seems we need to strengthen it instead." This has led to speculation about a potential increase in the price cap.The government had previously adjusted the supply prices of gasoline, diesel, and kerosene through the seventh oil product price cap on June 26, reducing them by 150 won per liter to 1,784 won, 1,773 won, and 1,380 won, respectively. The seventh price cap is set to remain in effect for four weeks, making it likely that the eighth price cap will be determined on July 24.* This article has been translated by AI. 2026-07-21 13:44:00