South Korea Maintains Oil Price Ceiling as Q2 GDP Growth Hits 3.7%, July 27

According to Yonhapinfomax, on July 27, President Lee Jae-myung directed the government to maintain an oil price ceiling and fuel tax cuts to minimize domestic inflation impact amid volatile global crude prices. He stated that if international oil price instability worsens, additional measures will be actively reviewed to support sectors heavily dependent on diesel, including trucking and agriculture.

During a chief of staff meeting in Brasilia, Lee highlighted second-quarter economic growth of 3.7% and real gross disposable income increase of 15.6%, the highest in 38 years. He also emphasized strengthening AI partnership with global tech companies and expanding diplomatic networks in Latin America.