The recently introduced windfall tax on oil and gas companies is unlikely to be relaxed in the first review meet on July 15.

CNBC-TV18 learns from sources that the Centre is closely monitoring the volatility in the international oil market and will see the price trend before revising the current windfall gain levies.

A windfall tax is a higher tax rate on sudden big profits levied on a particular company or industry.

The government on July 1 had imposed a Rs 6 per litre tax on the export of petrol and aviation turbine fuel (ATF) and a Rs 13 per litre tax on the export of diesel. Additionally, it levied a Rs 23,250 per tonne additional tax on crude oil produced domestically.

The export tax follows oil refiners making a killing in exporting fuel to deficit regions such as Europe in the aftermath of Russia's invasion of Ukraine. As per media reports, some oil companies processed Russian crude oil available at a discount after it was shunned by the West and exported fuel produced from it.

Also Read: Former finance secretary doesn't expect new windfall tax to go away anytime soon

It is learnt that the petroleum ministry will also share a detailed analysis of average margins earned by the domestic refiners from international sales.

Also Read: Explained: What is windfall tax and why has the govt levied it on refiners?

Currently the government has not decided any formula or threshold which would trigger a revision of the windfall gains tax.

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