NEW DELHI: India’s fuel consumption rose 4.9% in November as diesel sales recovered sharply as oil prices fell to a five-year low.

Fuel consumption in November stood at 13.9 million tons, up 4.9% from 13.3 million tons in the same month last year. According to the latest data provided by the Ministry of Petroleum.

South Korea’s most consumed fuel, diesel, is recovering quickly, with sales rising 3 percent to 6.02 million tons. This growth contrasts with the decline in consumption over the past two months.

For the current fiscal year, fuel consumption increased by 3.88 million tons, or 3.7%, to 108 million tons.

Oil prices are down 46% this year, the biggest annual decline since 2008. That’s because the oil cartel OPEC has refused to cut supply to defend its market share, even though U.S. production has risen to 30% of its highest level in more than a decade during the shale boom.

Brent crude is the benchmark against which more than half of the world’s oil prices are measured. Currently, it trades at around $600 per barrel.

Since August, gasoline consumption has increased as retail prices have fallen, rising 3.6% to 1.5 million tons in November and 9.5% to 12.5 million tons between April and November.

Diesel fuel accounts for 43% and 43% of all petroleum products consumed in the country Sales increased by 1% to 45.8 million tons from month to November.

LPG consumption grew 14.5% to 1.57 million tons in November and 10.4% to 11.6 million tons in the first eight months of the year.

India’s crude oil imports rose 3% to 15 million tons in November, while domestic production was flat at 3.1 million tons. However, in terms of value, the cost of imports was 8.8 million tons 2013 $ below $11.2 billion in November 2013 .

2013-14 India paid 1,429 yrs Oil revenues $ 100 million. The top 80 oil revenues. 893 months imports were $893 2013 $ below, $95.4 billion in April-November 2013.

Crude oil imports for the current fiscal year stood at $125.7 million tons, down slightly from $126.9 million tons last year.