Yes, you can. Premium is recommended, but not required. If you intend to keep the car for a long period of time, the engine will operate better with premium.
Meaning 95 octane? Yes, no problem.
just did it today.Didn't get any problem yet. will keep an eye on the gas milage tho.
Volvo recommends premium, but it can run on regular just fine without affecting the life of the engine. In turbo models, the ECU dials back the turbo if you feed it regular, so performance will decrease, but the engine will run just fine.
Premium
A Volvo 244 will get about 22 miles per gallon of gasoline.
Premium fuel
The 2003 Volvo XC70 runs on premium unleaded (required).
The 2002 Volvo S80 runs on premium unleaded (required).
The 2001 Volvo C70 runs on premium unleaded (required).
The 2011 Volvo C70 runs on premium unleaded (recommended).
The 2005 Volvo S60 runs on premium unleaded (required).
The 2008 Volvo C70 runs on premium unleaded (recommended).