A deal has been drawn up aimed at resolving the fuel tanker drivers dispute raising hopes that strikes can be averted.
The Unite union, which represents tanker drivers, will meet next week to discuss a proposed deal tabled on Friday following six days of talks between officials and representatives from six distribution firms.
The threat of a strike over safety, pay and working conditions resulted in panic buying at petrol stations earlier this month following government warnings to the public to stockpile fuel.
About 60 union representatives from across the country will discuss the deal and have until Friday to accept the proposals or announce a strike.
Both sides have agreed that the details of the plan, hammered out under the chairmanship of the conciliation service Acas, will remain confidential.
Peter Harwood, Acas chief conciliator said: "Over the past fortnight the six contractors have met with the Unite trade union through the Acas conciliation service
"Acas has been shuttling between the parties and the process has been a challenging one but we are pleased to announce that a set of proposals have been reached.
Alan Davison, representing the tanker companies, said: "We are now in a position where we have a final set of proposals and hopefully we can resolve this dispute."
Unite, which represents 2,062 tanker drivers, covering 90% of supplies to forecourts, is calling for minimum standards of pay, hours, holiday and redundancy.
It had earlier been given an extension to a deadline for declaring strikes in the fuel tanker drivers dispute so that peace talks could continue.
Under employment law, the union should have made a decision by late afternoon on Friday about whether to call its members in the industry out on strike after they voted last month for industrial action.
Under rules governing strikes, the union has to give seven days' notice of any industrial action.
The dispute has been brewing for more than a year but flared up last month when Unite announced that workers in five firms had voted to strike.
There was a spate of panic-buying of fuel by motorists last month after the Government recommended they top up their tanks because of the threat of a strike.
Chaotic scenes and long queues were seen at garages across the country following the Government's advice, which was heavily criticised.
Labour led calls for the resignation of Cabinet Office minister Francis Maude for advising motorists to store jerry cans of fuel in their garages.
An Energy and Climate Change Department spokesman said: "The Government welcome the news that Unite plan to put a deal to their members.
"We hope that this will lead to the threat of strike action being lifted.
"The Government continues to believe that any strike action is wrong and unnecessary.
"We will continue to work on contingency plans to increase the country's resilience in the event of a strike."
Army drivers have been trained to deliver fuel to petrol stations in case of a possible strike.
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