South Korea's diesel prices have hit an all-time high with a nationwide average of one-thousand-950-point-eight won per liter on Thursday.

According to the Korea National Oil Corporation, diesel prices rose by another three-point-two won from Wednesday, exceeding the previous high in 2008.

Amid the worsening diesel shortage in Europe and the supply disruption of petroleum products triggered by the Russian war in Ukraine, experts project diesel prices will keep rising for the time being. Some predict prices to surpass two-thousand won per liter.

The government expanded the fuel tax cut from 20 to 30 percent from May 1, but after showing a slight drop, domestic diesel prices began rising last Wednesday.

Gasoline prices are also on the rise again after a slight decline, having reaching the highest level in ten years at the beginning of this year.