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Transport for London (TfL) today announced an average taxi passenger fare increase of 3.4 per cent for the next financial year, which will help drivers maintain their earnings and cover increased operating costs. The new fares will come into effect on Saturday 4 April 2009.
Fares are calculated by TfL using a long established, retrospective cost index based on national average earnings and taxi operating costs. Operating costs have gone up by 3.7 per cent this year, with an increase of 4.1 per cent in the cost of diesel fuel.
The TfL Board approved the new taxi fares on Tuesday 10 February, following consultation by the Public Carriage Office with the taxi trade and others, including London TravelWatch.
Ed Thompson, Taxi and Private Hire Director at TfL's Public Carriage Office, said: "These new fares take into account the increased costs over the year of running a black cab. The increase reflects changes in national average earnings and encourages taxi drivers to provide a top quality service in London."
The Board has also authorised a 40p metered extra to be charged only if fuel prices hit 147.1p per litre between 4 April 2009 and 1 January 2010. The additional charge, if it is introduced, will be added to the meter by the driver at the start of each trip. The average price of diesel was listed as 100.7p per litre as of 30 January 2009.
This follows a similar arrangement that was approved in July 2008 to help drivers meet costs if the price of fuel rose beyond a certain level. This level was not reached in 2008/09 so the additional charge was not applied.
The Board also noted an increase in the annual taxi licence fee, from £160 to £164, with effect from 1 April 2009. From the same date, the private hire vehicle licence fee will increase from £109 to £114 from 1 April 2009.
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