The Maritime Fishermen's Union and Fisheries Minister Michael Olscamp have agreed to a base price of $2.50 per pound for processed lobster and $3 per pound for live market lobsters.
Union spokesman Christian Brun says it will also work with government for additional compensation.
The announcement comes a day after fishermen staged demonstrations in Cap-Pele and Shediac and prevented at least one truck from unloading lobster from Maine at a processing plant.
Fishermen had said that the market is being flooded with cheap lobster and that they can't afford to match the American prices.
Brun is urging fishermen to stop protesting, but if they do, to do so in a peaceful manner.
The lobster season opens next week in the Northumberland Strait and Thompson.