Longevity... ummm... only very very slightly, I admit. But I'm not outright wrong there... (heck, allow me one small point in a long post man... )
Kabir, lesser rpm is not always most efficient, particularly when accelerating...
In fact best engine efficiency is when you are accelerating with wide open throttle (WOT is the geek term for it) in the range of ~ 3k RPM. However, when cruising, unfortunately you have to use the same engine that you use for accelerating. These two things are very different in their requirements and you would need two very different engines if you want peak efficiency in both conditions - for accelerating your regular engine, and for cruising a very small teeny engine (~20 HP? maybe less!) as the only power required is to counteract tyre friction and aero loss.
So if you keep your throttle wide open when cruising, you are burning more fuel than required. But if you close it, the engine slows down, dragging the vehicle with it. To avoid this it can be put in neutral when cruising, thereby disconnecting it from the wheels.
Maximum efficiency therefore is obtained by speeding to 90 kmph, shifting through gears between 2500 to 3000 rpm and then shifting to neutral, coasting down to say 70 kmph. When the car hits 70, jam back your gear stick to 5th, and accelerate to 90 back again. This technique is called pulse-and-glide, and can give ~20% more fuel efficiency than normal, without changing anything else.
There is a discussion already on speed/normal petrol. Search and go through. I won't divulge the result, so that you go through the thread 
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