Uber Technologies Inc (NYSE:UBER) is increasing its prices in London by 10% from today in the hope of attracting drivers.
Uber customers have seen longer waits and more cancellations recently as drivers have been unable to meet the booming demand for taxis. This has led to “surge pricing”, with customers facing higher fares than usual.
Uber’s minimum fare in the capital has risen to GBP5 to GBP5.50, while trips to London’s airports carry a 15% surcharge at peak times.
An Uber spokesperson said: “We’re making these changes to help provide a better rider experience, by signing up more drivers to meet the growing demand.
“We know people rely on Uber to book a safe trip around London and this small fare increase will help reduce wait times. As always riders will get a fare estimate before booking their journey.”
Calls for taxis have risen in the UK by almost 20%, and Uber would need about 20,000 more drivers to return to usual service levels, according to a report in the Guardian.
Uber’s rival Bolt said it had also experienced a surge in demand, with searches up 300% in some cities over the past six months.
