The Newshound

'Biggest increase in airfares in history': Ryanair boss Michael O'Leary warns European fares could soar 20 per cent next year

Michael O'Leary, Ryanair's chief executive, warns European airfares could rise 20 per cent as jet fuel costs have surged 113 per cent this year amid the Iran war.
Michael O'Leary, Ryanair's chief executive, warns European airfares could rise 20 per cent as jet fuel costs have surged 113 per cent this year amid the Iran war.

Ryanair has just 15 per cent of next year's fuel hedged at $85 a barrel, while spot rates sit around double that. Jet fuel prices have more than doubled this year, up 113 per cent to $192 a barrel, driven by the Iran war. O'Leary told a Brussels press conference that most European rivals are equally exposed. He doubts even record fares will cover the 'dramatically higher oil bills'.

EasyJet boss Kenton Jarvis is axing up to 700,000 more seats from its winter schedule.

Ryanair shares fell around 2 per cent after the warning and are down 25 per cent this year.

O'Leary also blamed aviation taxes in France and Belgium, where Ryanair plans to cut back.

MoreGB NewsRyanair chief warns Europe faces 'biggest increase in airfares in history'The GuardianEuropean air fares could rise by as much as 20% in 2027, Ryanair boss predictstravelweekly.com.auRyanair CEO Michael O’Leary warns of ‘biggest’ airfare hike in history - travelweekly.com.auDaily MailRyanair boss warns of Europe's largest ever surge in flight prices
Read today's full feed at The Newshound →