Ryanair Hopeful of Avoiding Global High Air Fares Storm

Ryanair boss Michael O’Leary has said the airline is hopeful it can avoid becoming part of a potential high air fares climate over the next year, likely to come about if global fuel prices remain elevated due to conflicts in the Middle East.

Speaking ahead of Ryanair’s annual general meeting, in Dublin, this morning, Mr O’Leary said: “If oil prices remain high into next year, I think there will be a significant uplift in air fares, and we would hope to avoid that.”

Ryanair’s financial year runs to the end of March. As a result, the airline group is currently coming to the end of its second quarter. For this period, Mr O’Leary said Ryanair expects air fares to be modestly down. However, he said the next two quarters – basically the next six months – are “entirely up in the air” regarding how pricing will go.

Last week, Mr O’Leary warned of a material increase in European short haul air fares if oil prices remain high through to summer 2027. He even warned that some airlines, which are not overly hedged against volatile oil prices, may go bust.

Ryanair, for its part, remains 80% hedged – at around $67 per barrel – on its fuel needs for its current financial year.