Cities of the first and second class are vested, within their respective corporate limits, with the exclusive power and authority to permit, regulate, and control, by ordinance, the business and operation of motor-driven taxicabs over or upon the streets and public ways of their respective municipalities. This power and authority shall include the right to approve or disapprove, to prescribe or reject, and to enforce maximum rates and tariffs to be charged for services rendered by any taxicab operator in these cities and to enforce, by such suitable penalties and forfeitures as may be fixed by ordinance, all regulations, rates, and tariffs that may be approved or prescribed.