Mar 2, 2022
Ryanair boss: Air fares will be higher this summer
Ryanair boss Michael O'Leary has warned that air fares this summer will be "Materially higher" due to soaring oil prices and Covid effects. Mr O'Leary said that Ryanair was largely insulated from surging prices due to fuel-buying agreements until 2023 that cap the cost for 80% of its fuel. Price rises on the remaining fifth of its fuel mean Ryanair expects to pay an extra €50m, he said. Mr O'Leary said on Tuesday that Ryanair had started flying medical supplies and humanitarian aid in the hold of flights to south eastern Poland, free of charge, on behalf of Irish and UK humanitarian agencies. Mr O'Leary added that Ryanair flight bookings had dropped 20% when the invasion began and were still about 10% down.
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