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Price rise, duty cuts to help companies reduce borrowings
The price increase of three controlled petroleum products — diesel, kerosene and domestic LPG cylinder — will improve the cash flows of the oil marketing companies (OMCs) and help them reduce their monthly borrowings by around Rs 5,000 crore.
The borrowings of the three OMCs — IndianOil, Bharat Petroleum and Hindustan Petroleum — had touched a record high of Rs 120,000 crore
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