SINGAPORE - Taxi companies will have to set their fares in a more structured way from the second half of this year.

The Land Transport Authority (LTA) said on Tuesday that with the exception of flagdown rates, the fare structure for taxis will be standardised.

The new rules mean that cab companies will be allowed to decide on their own flag downs for different taxis.

However, their taxis must have only one set of metered rates - how much passengers are charged per kilometer and for waiting - for their standard fleet and one set for their premium fleets. This can differ across the board.

What will be harmonised across the industry are the various surcharges for standard and premium taxis. This includes the midnight surcharge, city area surcharge and peak period surcharge.