The development comes after six days of talks between union officials and representatives of six distribution firms, The Daily Telegraph reported.
The Unite union, representing tanker drivers, has threatened to strike over pay, safety and working conditions, leading to fears of a gas shortage and the government urging people to stockpile fuel.
Peter Harwood, the chief conciliator for Acas conciliation service, said, "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" that could avert a strike.
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 represents 2,062 tanker drivers.