‘Tightening the vice on spending’: UK petrol prices hit all-time high

An AA poll finds 43% of motorists are cutting back on car use or other consumer spending. Photograph: Steve Parsons/PA

Petrol prices have surged to a record high and are expected to climb further in coming weeks, adding to the burden on UK households’ already squeezed budgets.

The AA said petrol surpassed 148p a litre on Sunday, rising above the previous record high of 147.72p on 21 November last year.