To increase competition with New York City taxi cab services, Uber — a mobile-application based company that connects customers with vehicle drivers — has temporarily cut its fares by 20%, according to a report by Philly.com. The lower prices will be in effect for a limited time.

"New York is Uber's biggest market, and we're growing fast, but we always hear, 'I like Uber, it's convenient, but a taxi is still the best deal,'" Josh Mohrer, Uber's general manager for New York, told Philly.com. "It's always been a goal of ours to be cheaper than taxis."

Uber is using the slower summer months to experiment with lower fares in New York City. If more people use the service at the reduced fares, then pricing will stay at the new level, Mohrer told Philly.com.

Uber’s prices change depending on demand, according to the report.

Click here to read the full Philly.com article: http://www.philly.com/philly/business/20140708_Uber_reduces_N_Y__car-share_fares.html