Ryanair CEO says to brace for a 'significant uplift' in airfares as oil prices soar
Ryanair's CEO warned airfare prices may see significant hikes as the surging cost of jet fuel continues to squeeze the airline industry.
Ryanair 's CEO warned Thursday that airfare prices may see "significant" hikes if oil prices remain elevated as the surging cost of jet fuel continues to squeeze the airline industry.
"We expect pricing to be very modestly down in the second quarter (from July to September), but the December and March quarters are entirely up in the air," Michael O'Leary told reporters ahead of the company's annual general meeting, according to comments reported by Reuters.
"If oil prices remain high into next year, I think there will be a significant uplift in airfares, and we would hope to avoid that," O'Leary added.
Oil prices edged higher Thursday as worries over escalating tensions in the Middle East and their impact on energy supplies kept Brent crude above $100 a barrel. U.S. West Texas Intermediate crude futures were up 1.4% to $97.4 per barrel.
