We warned you back in May that taxi fares could rise 17%, and today as of 12:01 a.m. the new prices took effect.
NYC's Taxi and Limousine Commission approved the fare increase, which rose from 40 cents for each fifth of a mile (or 60 seconds in stopped or slow traffic) to 50 cents. The base fare will remain $2.50.
Cab drivers are not required to charge the new fares until their first scheduled inspections after September 30, meaning the city could see a mixture of fares over the next few weeks. New Yorkers can spot the updated cabs by their "T" logo as opposed to the old "NYC Taxi."
The fares were raised mainly due to the price of gas and to bring the taxi driver wage back to where it was six years ago. Back in 2006, operators were making an average of $150 per shift which has dropped to $130 per shift in 2012. The fare increase will bring them up to $170 per shift.
Here's a break-down of what the taxi price hike will look like:
- Average fare goes up from $9.91 to $11.97
- Price for each fifth of a mile rises from 40 to 50 cents
- Surcharge for every minute in stopped or slow traffic increases from 40 to 50 cents
- Flat rate between Kennedy Airport and Manhattan increases from $45 to $52, plus tolls and tip
- The automatic fee to Newark Airport rises from $15 to $17.50 on top of regular charges from Manhattan, plus tolls and tip
Now check out Dubai's fleet of luxury taxis >
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