Following ComfortDelGro's footsteps, SMRT Taxis has also announced its decision to increase taxi fares.

Starting December 20, flagdown fares for SMRT's most taxis will jump by 20 cents. Fares for limousines will climb by 70 cents. But flagdown rates for Chrysler cabs will remain unchanged at $5.

For journeys up to 10 kilometers, meter fares will jump from 20 cents per 385m to 22 cents per 400m.

Waiting time rates for standard taxis will also jump from 20 cents for every 45 seconds or less to 22 cents for 45 seconds or less. The peak period surcharge will now be applicable for 6am-9.30am, rather than 7am-9.30am.

In the evening, the surcharge will be extended from 5pm-8pm to 6pm-to midnight.

SMRT Taxis' announcement of increase in fares has surfaced after a similar announcement by market leader ComfortDelGro.

SMRT Taxis' stressed that it revised its fares to remain in line with rival operators so that its taxi drivers would not feel deprived of a better income prospects.

On the very first day of fare increases on Monday, ComfortDelGro taxi drivers reported a fall in daily takings of around 20 per cent.