Cab fares in New York City could become cheaper with Uber announcing temporary price cuts for its low-cost UberX service in the city.

Uber cut its price by 20 percent, making it more economical to use the app than riding a traditional yellow cab. This aggressive move by the ride-sharing services app comes a year after Uber cut its prices in San Francisco.

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On the other hand, Uber said the new price is available for a limited time only. It said in a blog post that “the more you ride, the more likely we can keep them this low!”

The company’s objective is more than being the most “attractive” in the market but also the most inexpensive option available. The dramatic price cut will certainly put a lot of pressure on competitors such as Lyft and SideCar.

Though the move seems to be beneficial to its passengers, some of the company’s partner drivers aren't convinced about this strategy. Some Uber drivers have protested, saying they were being misled by the company.

"They tricked us!" according to an Uber driver who acted as one of the leaders of the protest.

Uber said that “lower fares mean greater demand,” citing the lower pick-up times and more trips per hour.

According to John Zimmer, CEO of Lyft, the prices of Uber remains higher.

“What does a price decrease mean when there is 8-10x surge pricing? Its classic bait and switch and consumers see through that,” Zimmer said.

TagsUber, NYC, NYC yello cab, yellow cab, Uber app