We wrap the burning object in woollen blanket to put off the fire and stop it from spreading further.
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Solution
The essential requirements for producing fire are fuel, air (to supply oxygen), and heat. Fire can be controlled by removing one or more of these requirements.
As oxygen gas is essential for combustion, by putting a blanket around the person, the supply of oxygen is cut down.
So, it stops the combustion and the object can be saved.