Just to add and clarify. Higher octane actually raises the detonation point of the fuel so its harder to ignite. This is for higher compression engines, typically found in higher performance vehicles. Using premium for a regular engine car is not going to benefit you much, if anything. But if you have a car that requires premium, using non-premium can actually cause spark knock.
And speaking of spark knock, if you are suffering from that with your current octane level of fuel, go up one level and see if that helps make it quit. Spark knock is premature detonation of fuel, which means your engine actually needs a higher octane to prevent it from doing that.
Having said all that, many modern engine/computer systems can adjust some to compensate for incorrect fuel to a point, but you really should use what it is called for.
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