Oil firms face $10m fines for failing to pass on tax cuts

Australia is to name and shame fat-cat oil companies - then fine them up to $10 million.

The government's Consumer Commission is monitoring 4,000 petrol stations to ensure fuel tax cuts are passed on.

Refineries or companies cheating motorists will be fined.

Allan Fels, chairman of the commission, said any firm caught will be "publicly shamed", it is reported.

A litre of petrol in Australia costs 31 pence.