Welcome to TRS
Most people use their Odometer to calculate MPG
Ranger 4x4s often get larger diameter tires
Larger tires reduce the odometer miles, so if odometer says you traveled 200miles, you may actually have traveled 220miles
You can get a "speed APP" on your phone, then see if your speedometer is accurate, or if it reads low, if it shows 60mph but APP shows 65mph then odometer is also off
1990 4x4 uses a speedometer gear on the transfer case, easy to change to calibrate speedo/odo to show correct speed and miles traveled
Assuming no gas thieves, lol, and no leaks
Check the Fuel Pressure Regulator's(FPR) vacuum line
In a 4.0l the FPR is behind and below alternator on lower intake, it has the fuel Return hose and a vacuum line, check that vacuum line for gasoline, if found replace FPR
Pull out a few spark plugs, look at the tips, light brown is expected, darker color means computer is running the engine Richer than it should
O2 sensors use a chemical to detect Oxygen in the exhaust, and they run out of this chemical, as they run out they show LEAN, a false lean, so computer runs engine richer than it should, and MPG goes down
O2s should be changed every 100k miles or 12 years which ever comes first to maintain best MPG
O2s are basically free because of the money you save in gasoline over the next 100k miles or 12 years
You don't mention any running issues, are there any?
1990 4.0l 4x4 should be 15-17MPG highway when in tip top shape, lifted and larger tires lowers that a bit, because of the weight of the tires and air flow under vehicle, but not by that much