What is the best way to increase Ford Ranger's horsepower?

I have a Ford Ranger and I want to increase its horsepower. What are some modifications I can make to achieve this? Will it affect the car's fuel efficiency? I am willing to spend some extra money to get the best results.

The most direct and effective way to increase your Ford Ranger's horsepower is by installing a performance chip. This will optimize the engine for better power and torque. However, keep in mind that this may also result in increased fuel consumption.

Another option is to upgrade your air intake system. This will allow for better air flow and improve the overall performance of your car. It may also result in a slight increase in fuel efficiency.

You could also consider adding a performance exhaust system to your Ford Ranger. This will increase the exhaust flow and help your engine breathe better, resulting in improved horsepower and torque.