South Korean taxi drivers go on first-ever strike

South Korean taxi drivers are holding their first-ever nationwide strike. Thousands of cabbies are expected to gather near Seoul City Hall today.

The cab drivers are protesting for the right to increase fares as high fuel costs continue to dampen their profits, Bloomberg reported. 

Base taxi fares in South Korea have been capped at $2.07 since 2009, and the country's more than 100,000 cab drivers say that isn't enough. 

Most South Korean taxis run on liquid petroleum gas, the price of which has risen nearly 30 percent since the government cap was enacted, Bloomberg said. 

South Korea's Yonhap News said taxi drivers are demanding the government stabilize prices for liquid petroleum gas, increase fuel subsidies and limit taxi license issuance. 

Taxi unions promise more protests if their concerns aren't issued in the coming months. 

Base cab fares in South Korea are 17 percent cheaper than in New York City and 77 percent cheaper than in Tokyo, Bloomberg said.

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