Nigeria's Dangote Refinery has reduced its premium motor spirit ex-depot price to N840 per litre, down from N880, as fuel marketers prepare for an emergency meeting to discuss further price reductions.

The President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, confirmed the news, indicating that nationwide price adjustments may follow.

This adjustment by Dangote Refinery, which is capable of processing 650,000 barrels of oil per day, reflects the ongoing volatility of global oil prices influenced by geopolitical tensions.

The upcoming meeting among petroleum marketers will aim to review the necessary changes in fuel pricing across Nigeria.