Proposed Taxi Fare Hike Looms On the Horizon

The good news is that it might soon be . The bad news is that it might be expensive.

The Taxi and Limousine Commission will consider increasing cab fares as a result of taxi owner’s complaints of high gas prices, says Crain’s New York.

Fleet owners want a fare increase of 16 to 20 percent, arguing that gas prices have gone up nearly 45 percent in the past six years to nearly $4 per gallon, says the article.

"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."

A 50-cent surcharge went into effect in 2009 to fund subway and bus service, says Crain’s.

The fare increases would mean that Queens denizens – as well as other outer borough residents ­– would have to dig deeper into their pockets to take a cab ride. Recently, the , which will be painted bright green and given authority to pick up street hails outside of Manhattan.

A public hearing on the fare increases will take place on May 31 at 11 a.m. at the commission's headquarters, located at 33 Beaver Street, Floor 19.