Black cab fares could rise by 50p

More than 250,000 people ride black cabs everyday

A trip by black cab could cost an extra 50p if oil prices continue to rise, Transport for London (TfL) has said.

If the price of diesel touches 154p per litre before February 2009, taxis will be allowed to add a surcharge of 50p per journey.

TfL said the move will help cab drivers as fuel prices have shot up 27% since the 2008 tariffs were fixed in April.

If oil price increases are not reflected in the 154p pump price, a fare review is due next April.

TfL said it consulted with organisations representing London's passengers, businesses and the taxi industry.

Jeroen Weimar, chief operating officer of TfL's Surface Transport, said: "We recognise the burden that fuel price increases have had on taxi drivers this year.

"Fuel makes up about 10% of the costs of running a taxi and unlike many other trades, taxi drivers cannot put prices up to reflect increased costs.

"Passengers can rest assured, however, that any increase in fares as a result of this decision will be taken into account when TfL sets taxi tariffs in April 2009."