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I know in some parts of the world, E95 is only 10% cheaper than normal petrol, but you use 10-20% more of the stuff due to the nature of it so there is no cost savings/mile. But, here is Ireland our E95 prices are 40% cheaper than petrol as the Tax is a fraction of the normal petrol.
You may be talking about a fuel called ED95 which is 93.6% ethanol and 3.6% ignition improver, and 2.8% denaturants. It is used in Sweden in diesel style engines with a modified compression ratio. It contains no petrol.
In Brazil, they have been using both straight ethanol (E100) and various ethanol/gas blends in cars for years...it's been one of the staples of their energy system. Though I can't verify the actual E95 mixture, it would very likely be one of them.