The city's Taxi and Limousine Commission will consider a proposal next week for a fare hike of up to 20 percent.
There's no guarantee that the commission will vote in favor of an increase, though typically the TLC only schedules a hearing if it's receptive to an increase.
Industry groups have cited high gasoline prices and the new livery fleet in Upper Manhattan and the four other boroughs.
Several cab drivers who spoke with NY1 mirrored the concerns, saying it's harder than ever to make a living given the cost of leasing their taxis and the fees they have to pay when customers use credit cards. Others, though, worry a fare hike won't help at all if drivers wind up having to pay higher fees to fleet owners.
"It is killing people, can't even make a hundred dollars to take home," said one cab driver.
"The only ones who will make any money with the fare increase are the garages. Us, it doesn't affect. We may actually lose money," said another cab driver. "Less people will take taxis."
The TLC will hold a series of public hearings on the proposal; the first one will be held on May 31.
If the fare hike is approved it could take effect as soon as mid-July.
As with any proposed increase, reaction is mixed among New Yorkers.
"I think it is high enough and they have enough business," said one cab rider.
"I know we always fuss about it but it seems like they are due an increase like the rest of us are due an increase," said another cab rider.
"If they were doing an incremental increase that would be one thing but 20 percent in one jump is a big leap," noted a third.
The base fare for a yellow cab ride is currently $2.50, plus 40 cents for each click of the meter.
The fare has been at that level since 2006.
The taxi industry says an increase would bring the fare back into line with the cost of riding the subway, which has seen fares rise more than 12 percent in the last six years.
Those who want a hike also point out that even with a 20 percent increase a cab ride in the city would still be cheaper than it is in Los Angeles, San Francisco, London and Tokyo.