The National Taxi Drivers Union (NTDU) has labelled Wednesday's withdrawal of taxi services by SIPTU's taxi drivers as "unproductive".
The stoppage, which will begin at midnight on Tuesday and continue for 12 hours, will mark the first anniversary of the industry's deregulation by the Government and will result in the withdrawal of services by SIPTU's 1,400 full-time taxi drivers.
But the country's two main taxi unions - the NTDU and the Irish Taxi Drivers Federation - say they will not be participating in the action and their members will be working as normal on Wednesday morning.
NTDU president Mr Tommy Gorman said talks with the Taoiseach and other members of the Government, over compensation for drivers who lost-out because of deregulation, were at a delicate stage and Wednesday's withdrawal of services could disrupt that process.
"The deregulation of the industry has been a total failure and, if anything, the situation is worse now than it ever was," Mr Gorman said.
"However, talks with the Taoiseach [and other TDs] over compensation are now at a very delicate stage and industrial action by any group of drivers could seriously damage negotiations.
"To my knowledge this is not an official action and as such it should not be supported."
Mr Larry Brennan, SIPTU taxi drivers representative said the stoppage was not a strike but a withdrawal of services to draw attention to the plight of those who have lost their livelihoods after deregulation.
The problem, he said, is drivers who opted to buy their plates now have to keep the same car running for up to 17 working hours per day whereas before two drivers kept one taxi running.
"We are unaware of any talks between the Taoiseach, or any other TDs over compensation for taxi drivers," Mr Brennan said.
"There has still been no compensation for those drivers who lost their savings because of deregulation and we would like to bring that fact to the attention of the public."