P162E Mercury Mc4 is described as Fuel System Too Rich, which basically means bank 1's oxygen sensor has detected a rich condition of fuel. This means there's not enough oxygen in the exhaust from too much fuel being delivered into the air and gas mixture for combusion. So if the problem persists despite of your diagnosis, then you should never hesitate to take your vehicle to your dealer or to a qualified mechanic.
Possible Causes :
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Look for damage to the tank indicating impact that may have damaged the fuel pump or sender. If the engine displays a miss and there wasn't a code, determine which cylinder is misfiring. If the exhaust manifold is visible, spay or pour a small amount of water on each cylinder exhaust port. Water will evaporate immediately on good cylinders and slowly on the missing cylinder. If this can't be accomplished pull the plugs and check the condition. Look for rubbing, scraping, bare wires, worn spots or melted plastic connectors. Pull the connectors apart and carefully look at the terminals (the metal parts) inside the connectors.
Diagnostic trouble code P162E Mercury Mc4 is not difficult to diagnose and repair. Thus, it always pays to have a qualified technician to look after your vehicle should this error code arise.
Diagnosing this code requires the engine to be in good running shape, without unmetered air entering the engine. If other codes that relates to misfiring condition, lean running or air entering the engine is present, then you must first fix those error codes before P162E Mercury Mc4.
Fortunately, P162E Mercury Mc4 is a fairly common OBD code, meaning that it applies to all makes and models of vehicles made after 1996.