i doubt that a faulty speed would cause the problem you describe. if any thing you would get an erratic reading, but from what you say its seems to be a steady reading just the wrong speed.
i don't know what diffs are available for your axles, or even if there is a difference in ratios between different engines, be it engine size or fuel type, if you say tyres are correct then i would suspect 'wrong' ratio diffs have been fitted at some time in an effort to get better mileage.
(usual disclaimer applies... this could all be bollocks)