Yes, it's true. Your next Uber ride might be even cheaper than if you were to hail a cab on the street.
Starting from today, UberX rides will see a 15% drop in its price. This means that your base fare will be starting from S$3, rather than the original S$3.50 when you book an UberX. Likewise, its metered fare will also be adjusted, at S$0.45 per kilometre and S$0.20 for every minute. In contrast, UberX's old pricing was pegged at S$0.50 per kilometre and S$0.25 per minute.
How does it compare with an actual cab fare? Considering that your flagdown fare ranges between S$3 to S$3.40 plus a S$0.22 per 400m (and going up to S$0.22 per 350m after 10km), and there's the 25% peak surchage, you'll soon figure out that it might be cheaper to take an UberX ride.
That is, if surge pricing doesn't kick in when the demand for cars skyrocket. That's a risk you'll have to take but at the very least you are aware of when the surge starts and you have the option not to get that UberX ride.
That said, with the Singapore government's recent announcement that it'll introduce a Private Hire Car Driver Vocational Licencing (PDVL) that'll screen and allow only suitable drivers for the UberX service, this could mean a likely drop in the number of Uber drivers here. Though, you probably won't find a shortage of UberX drivers yet. At least, not until the first half of 2017 when this ruling kicks in.