At 12:01AM, taxi meters were reset to reflect the new fare increases.

Waiting time now costs 40 cents per minute while going under 12 MPH (versus the old 20 cents per minute while going under 6 MPH). The new waiting time increase translates into an approximate 11% increase in average fares (new fare: $9.60; old fare: $8.65), which drivers say will help go towards the rising fuel prices. Just make sure you have an extra few dollars as you take cabs during holiday traffic!

There's also a new flat fee of $45 from anywhere in Manhattan to JFK Airport

Photograph taken on Lexington Avenue by joe holmes on Flickr