New Yorkers, rejoice: Starting 7 a.m. Friday, Uber is slashing its prices in New York City by approximately 15%.
The base fare for the company's UberX service has dropped from $3 to $2.55, and the per minute rate has dropped from $0.40 to $0.35, while the mile rate has dropped from $2.15 to $1.75.
Furthermore, the minimum NYC fare will drop from $8 to $7. The prices for UberXL, which offers rides in minivans and SUV vehicles, have also dropped by around 15% -- the base fare is now $3.85, the per minute fare is $0.50 and the per mile rate is $2.85. Minimum fare is $10.50.
According to the New York Post, which first broke the news on Thursday, Uber drivers are happy with the change, as some of them have so far been waiting up to 30 minutes between rides.
However, if the lower price don't result in increased revenue for drivers, Uber says it will bring the prices back up, The Verge reports.
This is not Uber's first price cut in NYC; last time it happened in the summer of 2014, though Uber did add a $2 booking fee to its taxi-hailing feature, UberT, in December that year.
The new pricing makes Uber cheaper than competitor Lyft, whose current prices in New York City are exactly the same as Uber's old prices.