Global oil prices continue to surge amid concerns over supply disruptions stemming from sanctions on Russia,  which has led gasoline prices in Seoul to top the two-thousand won per liter mark for the first time in over eight years.

According to the Korea National Oil Corporation, average gasoline prices in the capital stood at two-thousand-seven-point-four won per liter as of 11:30 a.m. on Friday, up by over 21 won from the previous day.  
  
It is the first time gasoline prices in Seoul exceeded the two-thousand won threshold in eight years and six months,  last doing so in the second week of September, 2013. 

Nationwide gasoline prices also rose from the previous day, with the average prices reaching one-thousand-927-point-two won per liter.

Amid soaring prices, the government announced last week it will extend the 20-percent fuel tax cut until July of this year. 

Finance Minister Hong Nam-ki hinted last week that the government may also consider increasing the amount of fuel tax cut if the pace of crude oil prices gains accelerates and deepen economic uncertainties.