Effective Thursday, Verizon will cut most of its data plan prices by $10, ZDNet reports.

Because of recent price reductions and feature changes by competitors AT&T and T-Mobile, Verizon has decided to cut prices on most of its data plans. Now, the cheapest data plan from Verizon, the 1 GB plan will cost $30 per month.

The 2 GB plan will cost $40 a month. Verizon also is adding some new data tiers: 12 GB, 14 GB and 16 GB. These plans will cost $110, $120 and $130.

T-Mobile recently added a new feature called Data Stash, which allows customers to roll over their data month-to-month for up to 12 months. AT&T responded with a rollover plan of their own that allows data to be rolled over for just one month.

Verizon will not be adding a rollover data plan, CNet reported, but did decide to update prices. Verizon is still the leader in subscribers by T-Mobile is trying to steal customers from them and from No. 2 ranked AT&T.

Verizon's CFO told CNET that they are "a leader, not a follower" and they will not be offering a data rollover plan.

"...There's going to be certain customers who leave us for price, and we are just not going to compete with that because it doesn't make financial sense for us to do that," Shammo said.

The price wars that continue to pop up between the mobile carriers have been great for consumers. Most recently, Sprint has been airing commercials offering to cut customers' bills in half if they bring in their current bill from another carrier. T-Mobile has been offering no-contract and no overages for quite some time. Verizon has stood on the sidelines and maintained that the quality of their network justifies their prices.

Verizon has more than 125 million customers according to its fourth-quarter earnings.

What do you think about the current mobile price wars between the carriers? Leave us a comment below and let us know.