A taxi trade representative revealed on Thursday that the sector is planning to apply for a fare increase soon.

The president of the Taxi Dealers and Owners Association’s, Ng Kwan-sing, said the trade is considering asking for a HK$6 increase at flagfall.

Speaking on a radio programme, he said fuel cost has soared in the past year due to factors such as inflation and the conflict between Russia and Ukraine.

He added that a government subsidy for fuel cost will end next month, and insurance policies for taxis are getting more expensive.

Ng noted that it took the government five years to approve the last application for a fare hike, and the approved increase was half of what the trade had asked for.

He explained that after the trade makes an application, the government still has to collect further data, refer the proposal to the Transport Advisory Board and submit it to the Executive Council.

“It usually takes a long time. It could take two to three years. We hope this time round it can be faster, and can be approved in about a year,” he said.

The last fare increase took effect in July.

At present, the flagfall charge for red urban taxis is HK$27, while the starting charge for green New Territories taxis is HK$23.5.

Passengers of blue Lantau taxis, meanwhile, are paying HK$22 at flagfall.