Correct me if I am wrong.
My opinion is RON95 or 97 will not make much of a difference in fuel consumption. For a manual E34, your fuel consumpsion is on the high side. What engine are you running? M20? M50?
My car is a 1994 E34 with M50B25 auto (non vanos) and I am getting 450km with RM130 RON95 (pure city driving in PJ/KL)
Your case could caused by many factors. I am not sure if you have already get your car checked by your mech. Things to check for is:
1. Idling valve --> If this is clogged up or dirty, it will affect a bit on the consumption.
2. o2 sensor --> if it is faulty, this will contribute on bad consumption.
3. Air Mask sensor faulty could also cause bad consumption.
4. Removal of catalytic converter will affect fuel consumption.
5. Check spark plugs and air filter's condition.
6. Run a full diagnostic to see if there is any fault code.
Thats what I can think of. If I am wrong, please correct me.
Lets here from other bros' opinion too.