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 say the 3.28% fare increase will come at a cost to members and drivers.
Taxi bosses said, "meter modifications" will cost drivers £50.
The new fares will come into force on Monday, February 17.
Councillors believe the revised tariffs offer a fairer deal for passengers.
The city council, which has issued licences to around 1000 taxi operators, is responsible for deciding any fares increase.
Cab bosses also hit out at six-month delay to the introduction of the fare increase.
A spokesman for the Executive Committee of Glasgow Taxis Ltd, said: "The 3.28% increase is determined by the formula used by Napier University. This increase was actually decided in February last year and should have been introduced around August 2013.
"But due to some issues it has been delayed until now.
"The increase does come at a cost to members and drivers, with meter modifications required, the cost being approximately £50."
A Glasgow City Council spokesman said: "While we sympathise, this is an unavoidable charge when taxi fares rise."
Licensing chiefs have also agreed the unsociable hours charge of £2.40 will remain.
The last fare increase was in 2012 when the tariff rose by 3.64%.