Taxi Fares Could Jump by 20 Percent, Sources Say

By Julie Shapiro and Jill Colvin  on May 21, 2012 4:13pm

New York's new taxi, unveiled in April 2012.
New York's new taxi, unveiled in April 2012.
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Spencer Platt/Getty Images

NEW YORK — The first taxi fare increase in six years could soon hit the city, officials said Monday.

Citing inflation and rising gas prices, the city's Taxi and Limousine Commission announced that it is seeking public input on a fare hike.

Sources told New York the increase would likely be between 16 and 20 percent.

"The fare hasn’t changed since 2006, so it is reasonable for taxi drivers and fleet owners to put this on the table," TLC Commissioner David Yassky said in a statement. "We will consider their petitions over the next couple of months."

Gas prices have risen 45 percent since 2006, from $2.70 to $3.90 per gallon, but taxi fares have not kept pace, the TLC said. Over the same period, the Metropolitan Transportation Authority's subway fare has increased by 12.5 percent, the commission added.

The TLC will hold a public hearing on the increase May 31 at 11 a.m., at 33 Beaver St., 19th floor. Written comments will be accepted through May 30 by email at and by mail at Taxi and Limousine Commission, 33 Beaver St., 22nd floor, New York, N.Y. 10004.