01:17 PM EDT, 07/03/2024 (MT Newswires) -- Lyft ( LYFT ) will raise its fares for renting e-bikes in New York by 20% next week, the company said Wednesday.

The company blamed "higher-than-anticipated battery swapping, insurance and vehicle expenses" for the increase taking effect July 10, Lyft ( LYFT ) said on Citi Bike's website.

Lyft ( LYFT ) has operated Citi Bike in the city since 2018.

Citi Bike and Lyft Pink All Access membership rates will rise to $0.24 per minute from $0.20 currently, while fees for nonmembers will increase to $0.36 per minute from $0.30 per minute.

Price: 13.39, Change: -0.01, Percent Change: -0.07