The agreement was reached after a meeting held at the headquarters of the Ministry of Finance.
A statement from the Media Adviser to the Minister of Finance, Mr Paul Ella, explained that the marketers assured the government that operations at all depots and sales would continue until further notice.
The meeting which was held at the headquarters of the Federal Ministry of Finance in Abuja was attended by senior government officials from the ministry, Debt Management Office, Nigerian National Petroleum Corporation and the Central Bank of Nigeria.
Also in attendance were representative from the Budget Office of the Federation, the Office of the Accountant-General of the Federation and the Petroleum Products Pricing Regulatory Agency.
Others were representatives from the Depot and Petroleum Products Marketers Association, Major Oil Marketers Association of Nigeria and Independent Petroleum Marketers Association of Nigeria.
The Oil marketers had on Sunday issued a seven-day ultimatum to the Federal Government for the payment of all outstanding subsidy debts, including foreign exchange differentials and interest rate component, owed to them.
The statement said the marketers after the meeting expressed satisfaction over the arrangement being made by the Federal Government to settle their claims.