I'm rather interested to know how this works as I found myself playing fuel light bingo not too long ago. I was trying to reach a very far out system needing a really big jump, so I had to be very light on fuel. Precision scooping was required at the beginning of the run so I would have the right amount. After some calculations...
https://i.imgur.com/eZYrpFS.jpg
...I set off. On the way out my jump range was exactly as I predicted. For the trip back I had to make the big jump and then another one after that to reach a scoopable star. I couldn't carry much fuel across the big jump; I used Allitnil's strategy and sipped fuel whilst repeatedly hitting the hyperspace button, until the ship was too heavy to jump. I then burned off fuel in supercruise until I was at exactly the maximum weight allowed.
The right panel range indicator was indeed unreliable as the ship made the first jump whilst apparently not having quite enough range (I was about 0.2LY short when it let me go). For the second jump to the scoopable star my range was about 1LY short of what I had calculated. I've always wondered why it didn't quite match; I assumed it was the reserve tank adding weight but not contributing fuel to the jump. However, this appears to be wrong. Any ideas?
The tale had a happy ending. I was able to make the final jump to safety - just (fuel gauge below).
https://i.imgur.com/A3pJTP6.png