Domestic oil prices are soaring in line with that of international crude, as the U.S. and the West consider applying sanctions on crude from Russia, a major global exporter. 

According to the Korea National Oil Corporation, the average price at gas stations nationwide stood at one-thousand-845-point-61 won per liter as of Tuesday morning, up 17-point-27 won from the previous day.

The latest price marks a seven-and-a-half-year high since September 2014.

In Seoul, the average price jumped 22-point-42 won to one-thousand-921-point-68 won per liter.

The government, in response, decided to extend its 20-percent fuel tax reduction for another three months until late July.

The soaring global crude prices are also expected to adversely affect local airline, petrochemical and shipping industries.