Licensing chiefs announced the increase - the first since 2012 - in a bid to help ease the fuel burden on drivers.
But the city's main black cab firm said the 3.28% fare increase would come at a cost to members and drivers. Taxi bosses said "meter modifications" would cost drivers £50.
Glasgow City Council is responsible for deciding fare increases.
A spokesman said: "While we sympathise, this is an unavoidable charge when taxi fares rise."
The new fares will come into force on February 17.
Councillors believe the revised tariffs offer a fairer deal for passengers.