Global oil prices continue to climb amid concerns over Russian supply and sanctions, with gasoline prices in South Korea topping one-thousand-900 won per liter for the first time in over eight years.

According to the Korea National Oil Corporation, average gasoline prices nationwide stood at some one-thousand-904 won per liter as of 9:10 a.m. on Thursday, up by nearly 12 won from the previous day.

Prices first broke the one-thousand-900 won mark in Seoul and on Jeju Island last week, with Busan, Daejeon and Gyeonggi Province following suit this week. Prices in Seoul are currently the highest, nearing the two-thousand-won mark for the first time since 2012, when the prices hit an all-time high.

Amid soaring prices, the government has extended a 20-percent fuel tax cut for three months, now in place until July of this year.

Global oil price volatility continues with West Texas Intermediate crude falling by over 12 percent on Wednesday while Dubai crude, South Korea's benchmark, rose about four percent to nearly one-hundred-28 dollars a barrel.