Major Oil Marketers Association of Nigeria (MOMAN) on Friday reached an agreement with the National Association of Road Transport Owners (NARTO) to suspend their strike, according to an official.

MOMAN Executive Secretary, Mr Femi Olawore, made this known while speaking with newsmen on the ongoing impasse with the government over outstanding fuel subsidy payment.

According to him, the marketers are owing members of the transport association about N20 billion and their inability to offset the debt prompted the suspension of the lifting of products.

However, he said, following the release of N154 billion to marketers by the Federal Government as part payment of the subsidy, they had in turn offset part of the debt they owed the transporters.

Olawore said that government had yet to redeem N200 billion it is owing the marketers as subsidy payment.

He said the marketers, with the understanding of NARTO members, had given government a grace of two weeks to settle the remaining payments.

“We have scheduled to meet with the Coordinating Minister of the Economy on Monday, but if the meeting fails to address the issue we have tabled, then we will continue with the action,” he warned.

According to him, some of their members have started receiving payment, adding that the marketers will pay NARTO in proportion of what has been received.

Olawore said the marketers were ready to cooperate with the government but warned that unless the payment was made in two weeks, the marketers would return to their action. (NAN)

•Photo shows oil distribution trucks.