Petrol price reaches record high
The average cost of a litre of petrol has risen to 137.44p, topping the previous all-time high of 137.43p a litre in May 2011, said the AA.
The rise puts more pressure on Chancellor George Osborne to reduce the tax burden on drivers in his Budget later this month.
Diesel is up to 144.67p a litre which is another new record.
Mr King went on: "There is no more give in family and business budgets despite them cutting back on fuel purchase and other spending so they can get to work and go about their business. Britain cannot get back on its feet if fuel prices hold drivers and business to ransom every time market sentiment takes hold."
The price of petrol has risen by more than 1.25p a litre in the past week.
Overall, UK drivers are spending more than £6.8 million extra a day on fuel compared with a year ago, and more than £24 million more a day than they were two years ago. It is now costing drivers around £3.45 more than it was a year ago to fill a typical 50-litre tank with petrol, while the cost has risen about £12.30 compared with two years ago.
The extra monthly cost to a family with two petrol cars, each consuming an average of 106.17 litres a month, has risen by more than £2.65 in the last week, about £14.65 in the last year and around £52.24 in the last two years.
The unwanted records follow a survey by the Countryside Alliance which showed that the price of diesel in rural filling stations is, on average, 4p more than in urban areas. The costliest diesel - at 146.9p a litre - was in Purbeck in Dorset and Ryedale in North Yorkshire. In contrast, diesel in Birmingham and in Dartford in south east London was "only" 139.7p a litre.
© 2012 Press Association