Traffic congestion is an important aspect of quality of life, mobility and accessibility in urban areas. The economic cost of congestion is in the order of billions of dollars especially for dense urban cities. Besides the congestion which relates to the magnitude of travel time, travel time variability is also studied extensively by researchers as an additional measure for transportation network efficiency. In order to enhance the efficiency of urban traffic flow in New York City (NYC), numerous policies have been discussed, including different transportation pricing schemes. Pricing schemes – particularly variable pricing – should incorporate the severity of congestion and levels of travel time variability at different times of day and areas throughout the City.