New York City’s Taxi and Limousine Commission agreed on Monday to formally consider a proposal from the yellow cab industry that would raise taxi fares by as much as 20 percent, a significant increase to a pricing structure that has been virtually unchanged since 2006.

While the precise details of how the higher rates would be put into effect are still being drawn up, the Bloomberg administration supports a taxi fare increase, making it likely that one will be approved and that it could take effect as soon as mid-July.

Officials at the taxi commission said there were compelling reasons to grant the industry’s wish for higher prices, like allowing fares to keep up with the rate of inflation and recent increases in gasoline prices.

“The fare hasn’t changed since 2006, so it is reasonable for taxi drivers and fleet owners to put this on the table,” David S. Yassky, the taxi and limousine commissioner, said in a statement on Monday.