LONDON – Ryanair boss Michael O’Leary has said on Wednesday 2 March that the coming 12 months will be “very difficult” for most airlines as the ongoing war between Russia and Ukraine has pushed the price per oil barrel up to $100.
“We have hedged out about 80% of our fuel needs out to March 2023. So for this summer, and for the rest of this year, we’ll still be able to pass on low oil prices and low fares to our customers because we have a very strong fuel hedging position.”
Ryanair has, like most airlines, suspended their flights to and from Ukraine due to the Russian invasion of Ukraine.
O’Leary has also said that Ryanair will operate more flights from Poland, Romania, Italy, and Germany to the beaches of Greece, Italy, Spain, and Portugal this summer.
The airlines that were hoping to recover from the omicron variant of the coronavirus are now worrying that their earnings will be taking a big hit from the rising oil prices.
O’Leary has also pointed out that there has been a huge boost from Poland to the UK and other European cities as many families that have escaped Ukraine are trying to reunite with their families.