Boris Johnson has announced that bus and Tube fines are set to rise by 60 per cent from £50 to £80 in time for the London Olympics.
Additional ticket inspectors and police will be assigned to catch fare evaders.
The mayor said: “It’s reasonable in these tough times when so many Londoners are paying. It’s not right that some people are effectively stealing from other people.”
Last year fare dodgers cost the network £63.2 million – with 98,000 penalty fares handed out.
Tube chiefs expect this behaviour to increase during the 2012 Games, when the network can expect an extra one million passengers a day.
In a letter to politicians Boris Johnson wrote: “I am considering whether to increase the amount of the penalty fare imposed on TfL services to £80 reduced to £40 if paid within 21 days. If such a change was made, it is proposed that it would take effect from 2 January 2012.”
However, leader of the London Assembly’s Lib-Dem group Ms Pidgeon said the Mayor had failed to bring down far dodging on buses. She is in favour of a penalty fare increase but noted that Boris Johnson axeing of the bendy buses had not tackled the issue.
She said: “Boris Johnson promised Londoners that he would cut fare fraud, especially on buses.
“Sadly, after being Mayor of London for more than three years it is crystal clear that he has totally failed to tackle this issue.
“The fact that fare evasion, especially on buses, increased last year under Boris Johnson is shameful.”
Mr Johnson is required to launch a consultation of the penalty increase under the Greater London Authority Act 1999.
