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Following an approval from the LA City Council, fares for taxi service to LAX will increase by $1.50 a ride, from the current fee of $2.50 to $4, reports the LA Times. The company that runs taxis to and from the airport, Authorized Taxicab Supervision, will receive some of the increased profits, an LAX will receive the rest. It will also mean in increase in revenue from $700,000 a year to $2.7 million for LAX. The contract will last for ten years, beginning on April 1st.