Getting around town by cab is about to cost you a little less.

As of Nov. 1, the base fare has dropped by $1 from $4.25 a ride to $3.25.

The decrease was approved by city council last month.

“Toronto should have a competitive taxicab industry that serves both the public and drivers well. That’s why I supported council’s decision to reduce the minimum fare paid by the public by $1,” Mayor John Tory said in a statement.

“This will make moving around the city more affordable for the public, and it will help the traditional taxicab industry compete.”

Base fares were originally raised from $3 to $4 in 2008 after taxi companies complained about the price of gasoline, which had surged to $1.30 a litre.

The city is also issuing 100 new taxi licences to drivers on the waiting list.

Municipal Licensing and Standards is also researching and developing regulations for all ground transportation service providers including taxis, limos, and other drivers for hire such as Uber. That report is due in the spring.