Also there have been numerous tests proving higher octane fuel results in better MPG, so the cost difference in negligible
Yep, the claimed improved mpg of premium (98/99 RON) fuels is key when calculating the overall costs. It is not difficult to find claims of 10-15% improved mpg (compared to 95 RON) when using premium fuels in high performance cars with turbos. Some of these test were not strictly scientific, but leaving that aside, if you assume the more conservative estimate (10%) a driver doing 8000 miles per year would actually
save about £60 per year by using the premium fuel. If there was no difference in mpg between the fuels (there are of course loads of factors that affect the mpg that an individual driver achieves), then the
extra cost per year for the premium fuel would be about £100.
As said, these sort of annual costs (even assuming that the premium fuel may cost you a bit more overall) are not usually big concerns for drivers of performance cars who are convinced that the car feels smoother/more responsive running on the more expensive fuel.