AUSTIN – In a move to compete with Uber and Lyft, RideAustin announced Tuesday it is lowering its prices to match the returning ride-hailing companies.

The nonprofit said the standard fare would go to 99 cents per minute and 20 cents per mile, $2 per minute and 30 cents per mile in SUVs, $2.75 per minute and 40 cents per mile for Premium service, and $3.75 per minute and 50 cents per mile for the Luxury service. The new rates match the current listed rates for Uber and Lyft, with the standard per minute fee one cent less than Uber and Lyft’s $1/minute.

“Though RideAustin is the lowest operating expense rideshare - honestly - we were the last to lower pricing due to the impact on drivers. However, it’s unarguable that extreme price sensitivity in the rideshare market exists and we had to match the new Austin market rates. Fortunately, due to our driver pay model - we will continue to pay drivers significantly more than Uber & Lyft,” explained Andy Tryba in a prepared statement.

RideAustin previously stated it had seen a steep drop off in rides after Uber and Lyft returned to Austin in late May. The return of the companies also forced Fare to halt operations in the city.