Thnik about it this way. If your odometer read twice the actual mileage, you would think you've gone 200 miles every time you've actually gone 100. If you used your odometer to figure it, your actual fuel economy would be half what you thought it was, and you'd have to divide your calculation by two, or multiply it by .5 to get it right. If your odometer reads 1 mile for every .8 miles traveled, your distance will be .8 times what you think it is, and that should be factored into your economy calculation. If you do a straight mpg calculation from the readings, you need to multiply it by .8.
I haven't checked my odometer for accuracy, but I know that with the stock wheels and tires, my 95 reads about 4 mph high, and with 235/75 tires, both the 95 and the 93 are accurate, at least as to speed.