Lyft to launch nationwide fuel savings program as drivers feel pinch from rising gas prices
New incentives aim to help drivers keep more of their earnings as fuel costs climb
States consider axing gas prices amid price surge
Fox News contributor Liz Peek says she expects the increase in gas prices due to the Iran conflict to be a temporary issue on ‘The Bottom Line.’
Lyft is rolling out a temporary relief plan for its drivers across the U.S. as rising gas prices continue to cut into earnings.
The company announced Wednesday that the 60-day program will begin March 27 and run through May 26. Drivers can earn cash back and save on fuel when they use a Lyft Direct debit card at participating gas stations nationwide.
"Gas prices have jumped significantly in the past few weeks, and we know that hits hardest for drivers who depend on driving for their income," Lyft said in a statement. "When costs fluctuate, we know relief matters."
LAX APPROVES RIDESHARE FEE HIKE THAT COULD PUSH UBER AND LYFT FARES SHARPLY HIGHER
Lyft's program will begin on March 27 and run through May 26. (David Paul Morris/Bloomberg via Getty Images )
The plan gives top-tier drivers an extra 2% cash back on fuel, with mid-tier drivers getting an additional 1%. These incentives stack on top of existing rewards, which can total up to 10% depending on driver status.
Drivers can also save an extra 14 cents per gallon through Lyft’s partnership with the Upside app with the option to redeem points for further discounts.
Altogether, Lyft estimates total savings could reach as much as 98 cents per gallon for its highest-performing drivers based on average U.S. gas prices of $3.97.
LYFT TO LAUNCH FEATURE FOR ELDERLY PASSENGERS LATER THIS YEAR
Sign for Lyft and Uber services at San Francisco International Airport in San Francisco, California. (Smith Collection/Gado/Getty Images)
As of Wednesday, gas prices hovered at around $3.98 per gallon, according to AAA.
"Drivers are feeling the cost of rising gas prices, which ultimately impacts their earnings," Yuko Yamazaki, vice president and head of driver at Lyft, said in a statement. "When costs spike, we want drivers to choose Lyft because they feel like the platform works for them, not against them."
Gas prices have surged more than 30% in recent weeks, driven by global energy disruptions tied to the conflict involving Iran, according to Reuters.
UBER ROLLS OUT NEW APP FEATURES TO MAKE RIDE HAILING EASIER FOR SENIORS
A Lyft driver passes through the Second Street Tunnel in downtown Los Angeles. (Bing Guan/Reuters)
Lyft also noted that drivers using electric vehicles can access separate charging incentives.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The move follows a similar announcement from DoorDash earlier this week.
Its program, running through April 26, combines cash-back incentives with weekly payments to help offset fuel costs for active Dashers.
FOX Business' Amanda Macias contributed to this report.