The oil marketers have denied reaching any agreement with the federal government, saying its ultimatum given to the government still stands.
The association at Lagos yesterday said it did not reach any agreement with the federal government on the amount of monies its members are being owed as their subsidy claim.
Mr. Olufemi Adewole, in a statement said, the union did not reach any agreement with the government as claimed by the Federal Ministry of Finance.
The finance ministry in a statement on Thursday said it has reached agreement with the oil marketers on how to pay off their subsidy claim.
The marketers have agreed to resume operation and shelve their plan industrial action following a resolution from the meeting, finance ministry said.
However, the oil marketers have since dismissed the government claim.
We did not sign the purported document with government as claimed. We still stand by our ultimatum, Olufemi disclosed.
This is even as the Chief Financial Officer, the Nigerian National Petroleum Corporation (NNPC), Mr. Isiaka Abdurazaq, told newsmen in Lagos on Saturday that the union has reached agreement with the government.
A claim, Olufemi has since dismissed and has insisted the union stands by its ultimatum given to the government.
The oil marketers last week gave the federal government seven days ultimatum to pay N800 billion outs subsidy payment or face industrial action from the union.
Mr Patrick Etim, Legal Adviser to IPPI confirming the development, told the News Agency of Nigeria (NAN) that banks have taken over investments and assets of oil marketers as a result of unpaid debts owe them by the Nigerian government.
The union has no other alternative but to direct workers to stay off job, Etim said.
Also, Mr. Olufemi Adewole, DAPPMA
Executive Secretary, confirmed the development saying that the union members on November 28 served the ultimatum letter on the Debt Management Office, Minister of Finance, Chairman, Senate Committee on Petroleum Downstream, Department of State Services and Minister of State, Petroleum Resources.