Going from, say, 15mpg average to 16.5mpg is a 10% improvement. Where I live, premium fuel is 23% more expensive. So from that perspective, the extra mpg's aren't worth the extra cost.
It's also worth mentioning that some (but definitely not all) stations are selling "pure" gasoline as the premium grade, unmixed with ethanol. It's certainly true of certain stations around here. There's just more energy in gasoline than in ethanol -- that could account for some of the difference you see, if indeed you are buying from stations that are selling pure gas at 93.