Amazon Web Services (AWS) dropped prices of its S3 storage service about 25%. Its overall 23rd time that Amazon web service has dropped the prices since 2006. The rival Google a week earlier has already lowered its cloud storage prices by 25%.

Andy Jassy, Senior VP of Amazon Web Services  said that the price drop will be effective from December 1. He further added that web giants such as HP, Oracle, and IBM  work on high margins and earn their revenues. But now its time for super narrow profit margins.

AWS still faces steep competition from the likes of