https://www.smokinvette.com/corvett...1-why-california-only-has-91-octane.html
You see, when crude oil is refined into gasoline, the refinery doesn't have all that much control over what comes out. Crude oil is full of all kinds of stuff, and a refinery simply separates it, sorting all the iso-this and hepta-that in order of density. The really heavy stuff, like tar, is near the bottom, while the really light stuff, like butane, is near the top.
Somewhere in the upper ranges of the stack are the components of gasoline. There are between 10 and 15 different blend stocks, each with a different octane rating, which are mixed together to make gasoline.
The crude oil being used and little else determine the amount of each blend stock available for mixing. Generally, if you just dump all the blend stocks into a bucket, you end up with something around 88 or 89 octane. If you're selective and only mix the good stuff, you can make 92, 93 or even 95 octane. But once you take out the good stuff, you're left with crap--something like 85 octane. Then you have to leave enough good stuff in the bucket to bring this pee-water up to at least 87 octane. This limits the amount of 95-octane gas you can make. If you make 93-octane premium instead, you use up less of the high-octane stocks, allowing you to make a higher proportion of premium fuel.