Hi jayeye940wagon,
You can adjust the fuel to air ratio, with chips and tricks and things. Yet usually to dump more fuel in the engine.
A Turbo will use a slightly richer fuel to air ratio, certainly during Turbo boost, so optimal running conditions for perfromance and slightly less so, fuel economy.
Do you know what version engine control system (Bosch fuel injection and ignition) is equipped on your 1991 Volvo 940 Turbo?
Find one of these on your North American driver side strut tower?

See here:
https://www.brickboard.com/FAQ/700-900/EngineOBDCodes.htm
You may want to read through the Volvo 700-900 FAQ.
Your 1991 Volvo 940 Turbo does not have Bendix Rex / Regina or Motronic. Though the different engine control (or management) systems share the same fault code schema. Socket 2 for fuel injection fault codes and socket six for ignition fault code.
Though the correct Bosch oxygen sensor will help.
Do you see the CHECK ENGINE dash light indicator on your dash display?
https://www.brickboard.com/FAQ/700-900/

The FAQ article about engine tunr and performance, with some passing notion as to fuel economy.
https://www.brickboard.com/FAQ/700-900/EnginePerformanceSymptoms.htm
Questions?
Hope that halps yoo-hoo-hoo-hoo.
Earl Grey Tea MacDuffed
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