Oil firms to gain from price drop
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24/07/2008
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Business Standard (New Delhi)
Rakteem Katakey / New Delhi July 24, 2008, 0:21 IST
The sharp drop in crude oil prices, which fell by more than 13 per cent from the all-time high recorded a fortnight ago, is expected to trim the losses of government-owned oil marketing companies by Rs 15,000 crore in this financial year.
The development will improve the cash position of the oil companies, thereby leading to reduction in money required to run their business on daily basis. Already, the borrowings by three oil marketing companies