Ryanair warns air fares in Europe will jump next year if oil price stays high
Summary
Ryanair has lowered its expected passenger numbers due to high oil prices, which raise fuel costs. The airline warns that if oil prices stay high, air fares in Europe will rise next year, and some airlines may go out of business.Key Facts
- Ryanair cut its passenger target for the year ending March 31 from 216 million to 214 million.
- Jet fuel prices are around $140 a barrel, which increases airline costs.
- Ryanair has hedged 80% of its jet fuel at $67 per barrel to limit losses.
- The airline expects winter losses to drop by €70-100 million due to cutting its schedule.
- Passenger numbers for next winter are expected to stay about the same as last year.
- If oil prices remain high through summer 2027, short flights in Europe may get more expensive.
- Ryanair plans to increase summer passenger numbers by over 5% compared to last year.
- Rival budget airline Wizz Air saw a 25.9% rise in passenger numbers last month.
- Ryanair reassured customers about safety after a passenger was partly sucked out of a plane window during a flight caused by engine failure.
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