President Lee Jae Myung urged for a diligent oversight of domestic gas stations to guarantee adherence to a fuel price limit, which has been put in place by the government to alleviate financial strain on consumers.
Industry Minister Kim Jung-kwan encouraged oil refineries and gas stations to collaborate with the government's fuel price cap system, which was implemented to alleviate financial pressures resulting from the crisis in the Middle East.
Kim initiated the discussion during a meeting with representatives from South Korean oil refineries, gas stations, and the Korea National Oil Corp on the inaugural day of the fuel price limit system rollout, according to the Ministry of Trade, Industry, and Resources.
The temporary cap system was implemented, establishing maximum prices for the products supplied by oil refineries to gas stations and distributors.
The original ceiling prices were established at 1,724 won (equivalent to US$1.16) for regular gasoline, 1,713 won for diesel, and 1,320 won for lamp oil.
The upper limit for fuel pricing will be recalibrated biweekly to mirror fluctuations in global oil prices, until a point when the government determines that domestic fuel prices have reached a state of equilibrium, at which time they may choose to discontinue the system.
"As the price cap system stabilizes supply prices of refiners, I ask that gas stations also cooperate in maintaining stable retail prices so that the benefits of the system can be passed on to consumers," Kim says.
Kim organized a meeting of an intergovernmental task force to discuss the examination of unfair market practices related to fuel pricing.
As per the ministry, the task force has carried out in excess of 800 inspections on gas stations believed to be unlawfully distributing oil products, resulting in the identification of 20 instances of illicit activities.
Additionally, Lee Jae Myung declared that the government plans to enhance collaborative initiatives in conjunction with private enterprises to promote the integration of artificial intelligence (AI) technology within various industrial fields.
Lee announced his commitment on a prominent social media platform, accompanied by a news article detailing the collaboration between the ministries of science and ICT, industry, and SMEs to initiate competitive processes for significant AI initiatives focused on the creation and implementation of AI technologies in manufacturing settings.
Lee mentioned that the initiative could be implemented as a result of his administration's efforts to reduce obstacles among different government departments in order to encourage collaboration between agencies.
The proposed project holds a value of 432 billion won ($289.7 million) and encompasses initiatives aimed at promoting smart factories, incorporating AI technologies in manufacturing processes, and ensuring their seamless integration.
The government is scheduled to reveal the bidding details for this project next week. The Ministry of Science and ICT will be spearheading an initiative aimed at creating AI agents with the ability to oversee industrial processes and enhance the integration of AI in various aspects of daily life, as well as in network and cybersecurity.