Abuja, May 26 (IANS) Nigeria on Monday resolved a lingering fuel crisis, an acute shortage of oil that shut down most businesses in Africa's most populous country in the past few days.

A resolution was reached at a meeting summoned by the leadership of the Nigerian Senate at noon on Monday. The meeting had in attendance major representatives of stakeholders in the oil sector of Nigeria, including oil marketers, union of oil workers and representatives of government.

Leader of the Nigerian senate committee on petroleum resources Magnus Abe, who presided at the meeting, said the oil shortage situation was expected to abate in few hours, Xinhua reported.

According to him, union of oil workers had agreed to summon their workers, who had earlier embarked on industrial action, to resume work immediately. Relevant staff of the state-run oil firm, the Nigerian National Petroleum Corporation, were also implored to work 24 hours until fuel circulation was effective, he added.

Nigeria's minister of finance Ngozi Okonjo-Iweala, also present at the meeting, said the outgoing government had made plans to pay more than $1 billion owed to the oil marketers but following due process to achieve this aim.

She said the delay in payment of the debts to independent oil marketers was because almost $800 million, out of the total money owed the Nigerian oil marketers, needed to be properly verified.

There have been several fuel crises in Nigeria, but the current scarcity of the premium motor spirit, widely described as one of the worst situations ever, has dragged longer than expected.

Nigeria produces oil and is Africa's biggest producer of the product. However, the West African country has no functional refineries. Oil is refined outside the country and imported by some independent oil marketers for Nigerians to use.

To make it cheaper for citizens, the Nigerian government subsidises, paying millions of dollars to marketers every year as subsidies.

Since last week, all fuel stations across the country were closed. Few people resorted to black market, buying a litre of the product between one dollar and two dollars. Whereas, the pump price of the product sold far less than one dollar before the oil shortage.

Major roads in the Nigerian capital Abuja, the country's commercial hub -- Lagos, and Port Harcourt, the Nigerian oil hub -- were literally empty between last weekend and Monday morning as most vehicle owners parked their cars.

Most local travellers in the country were stranded as there was hike in transport fares. Local flights were cancelled and anger went skyrocket as local people complained bitterly about the situation.

Most local and foreign investments expressed fear of being forced to temporarily shut down business due to the situation. Banks reset their hours of operation early on Monday, to close at least three hours before the normal time. Telecommunications firms were not left out, as many of them sent out messages to local subscribers to bear with them as the situation bit harder.

The Nigerian workers union had on Sunday night called on the government to find solution to the problem to avoid a long industrial action being considered by its members.