How would a sudden increase in the global price of crude oil affect a local taxi company's pricing strategy?

A sudden increase in the global price of crude oil would lead to higher fuel costs for the taxi company. If fuel represents a significant portion of the company's operating costs, it might decide to pass on some or all of this cost to consumers by increasing fares. The extent of the price increase might depend on the elasticity of demand for taxi services and the competition in the market. If demand is relatively inelastic and competition is low, the taxi company may be able to increase prices without losing many customers.