Setting the internal oscillator speed on PIC12F1822
The instruction clock on this part (and most PICs in general) runs at \$ \frac{F_{OSC}}{4}\$.

Each instruction cycle is \$ \frac{4}{32 MHz} = 125ns\$

which makes total sense when you describe a 1.33 MHz output square wave

(6 total clocks = \$ 750ns\$ = 1.33 MHz)