Lyft (LYFT Quick QuoteLYFT - Free Report) has collaborated with Payfare to launch a cash back rewards program for its drivers on fuel purchases. The move is aimed at helping drivers combat escalating gas prices.

With this partnership, Lyft drivers who use Lyft Direct debit card for purchasing fuel will receive increased cash back rewards of 4-5% until Jun 30, 2022.

Lyft drivers, holding a Lyft Direct account, already enjoy instant earnings deposits after every ride and rewards on day-to-day purchases, including 1-2% on all gas purchases.

Lyft, Inc. Price

Lyft, Inc. price | Lyft, Inc. Quote

Gas prices have been soaring lately in the United States amid the Russia-Ukraine conflict. Ride-hail drivers are being affected by this crisis, with their earnings being squeezed to pay for the high fuel costs.

To help drivers deal with rising gas prices, last week, Lyft said that it would add a temporary fuel surcharge on rides, all of which would go to the drivers.

Effective Mar 16, Lyft’s rival Uber Technologies (UBER Quick QuoteUBER - Free Report) is adding a surcharge of either 45 cents or 55 cents for each ride trip. For Uber Eats orders, the company is adding a surcharge of 35 cents or 45 cents.

Uber said that the surcharge would depend on the average trip distance and the increase in gas prices in each state. Similar to Lyft, Uber’s fuel surcharge is a temporary measure that will continue for at least 60 days, after which the company will reassess the situation for further modifications.

Both Lyft and Uber carry a Zacks Rank #3 (Hold).

A Key Pick

A better-ranked stock in the broader Computer and Technology sector is Arista Networks (ANET Quick QuoteANET - Free Report) , which carries a Zacks Rank #1 (Strong Buy). The company’s earnings have surpassed the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 7.7%. You can see the complete list of today’s Zacks #1 Rank stocks here.

Shares of Arista Networks have gained more than 84% in a year.