Douglas Hall suffered mild burns to his head and face after being set alight by two men who were trying to steal his takings.
It happened after he went to collect a fare in Milford Haven in Pembrokeshire on Friday night.
It is thought a liquid or gas was squirted into his face and set on fire.
Police in the town said Mr Hall had received a call requesting taxi to collect a fare from Cellar Hill off Pill Road on the outskirts of the town.
Driving a green Ford Mondeo, Mr Hall said when he arrived at the location he was approached by a man who demanded his money.
"He was squirted over the head and face with some sort of accelerant which he was able to put out with his hands"
Ch Insp Ian Richards said: "At about nine o'clock in the evening a taxi was called to the Cellar Road area of Milford.
"It is a location that is quite secluded and there were two males in the lane with hoodies.
"One approached the victim and asked him to hand over his money."
Mr Hall refused and got out of the car pushing the man backwards.
It was then Mr Hall noticed another man standing on the other side of the road wearing a grey hooded top.
"He was then squirted over the head and face with some sort of accelerant which he was able to put out with his hands," explained the police officer.
"He was very lucky. He has been injured but no where near as horrifically as it could have been.
"He is more shocked than hurt," he added.
Police said the two men ran off past the Sir Charles Whetham pub towards the Rath area of the town.
It is believed the incident had been premeditated.
"It was clearly thought about but thankfully incidents of this kind are few and far between," added Ch Insp Richards.
Dyfed-Powys Police are appealing for information about the incident to contact them on 0845 3302000.
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