The window sticker for mine suggests 14 city, 17 highway, is to be expected,I got 18.5 highway ('91 560SEC, Calif. emissions car), so if you achieved 19 mpg at 70 mph with AC on, you are doing fine.
By running a Euro-spec 500SEL you are probably achieving or bettering the performance of a California spec. 560SEL
I own a 560 SEC. It's been a California car all its life, delivered new at Calstar Motors MB in Glendale, and seldom been outside of California the last 10 years except on vacation to Portland and Las Vegas a few times
I've always used Chevron Supreme,exclusively, in the belief that the Techron additive in that fuel helped keep the injectors cleaned, at 114k I replaced them, did the timing chain at 100k, car has 118k and with clean plugs and Beru plug wires it never has had any drivability problems...
It runs especially well in the 90-125 mph envelope, and it once touched 148mph (on I-5) though in these out of joint times, it's difficult to do so without putting your license in jeopardy
To put things into perspective, it should be remembered that when new, according to the window sticker, it cost $84,500, for a 1991 560SEC, and that included the $1300 gas guzzler tax, so that people who could afford to buy these cars when new were not particularly concerned with the costs of fueling them.
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1991 560 SEC AMG, 199k <---- 300 hp 10:1 ECE euro HV ...
1995 E 420, 170k "The Red Plum" (sold)
2015 BMW 535i xdrive awd
Stage 1 DINAN, 6k, <----364 hp
1967 Mercury Cougar, 49k
2013 Jaguar XF, 20k <----340 hp Supercharged, All Wheel Drive

(sold)