Hey mirager welcome to the mitsubishi forum. 
1st with premium it just has a higher octane level than unleaded nothing diff just with premium it would burn slower thus giving you extra miles to clock you would use premium also if you are running a turbo but with a non-turbo engine it doesn't matter which you use just if you have the extra money go premium. 
With your other problem it could also by the oxy sensor thats died
and could make the car run richer as well or like your friend said the timing. Hope this helps just gives you another idea of what could be making you car use more fuel than it was.
Seth 