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Spot on, Prowse. It depends on a lot of driving conditions. 50 mpg is excellent, even if it's an Imperial gallon, compared to the U.S. gallon. My best mileage was at 38+ mpg driving on highway on 5th gear at a speed range of 65-70 mph. I can get almost 400 miles on my MC with one or more gallons on reserve.
Whenever the red fuel icon lights up (indicating that you have about 2 gallons in reserve), I try not to drive more than 30 additional miles to the next gas station.