Transport Minister Daryl Vaz says public transport operators awaiting a long-promised 16 per cent fare increase may have to weigh the broader economic realities, warning that any adjustment granted today could be quickly erased by rising fuel costs if government subsidies are removed.

Vaz made the comments today after the Ministry of Transport convened a meeting with taxi operators amid threats of industrial action over the longstanding fare increase request, which has been outstanding for more than two years.

The minister welcomed the fact that there was no disruption to public transportation services today despite concerns that operators could become restive.