Israel’s largest oil refineries on Monday said its first quarter fell 11 percent particularly in its diesel demand despite oil prices increases in the current global recession.

Its first quarter net income ended March 31 rose to $75 million from $2 million due to high demand increases in oil prices. And revenue fell $984 from $1.89 billion.

Higher crude prices, which rose to $50 a barrel at the end of March from $37 at the end of 2008, had a substantial impact on its results and that refining margins were lower than at the end of 2008 due to higher oil prices and the end of the winter season, The company said.

It has totaled 1.8 11 thousand ton for the said quarter compared with 1.846 thousand ton in the same period a year earlier. Its adjusted refining margin increase $4.4 a barrel or $32.5 tons for the first quarter compared with Reuters‘ quoted on Mediterranean Ural Cracking Margin of $3.4 a barrel or $24.8 tons.

However shares of Oil Refineries Ltd rose 0.16 to 11.94% at 1.50 ILS on Tel Aviv Stock Exchange.