
Ryanair CEO Michael O'Leary announces a possible increase in airfare prices of up to 20% in Europe next year due to the impact of war in the Middle East on fuel costs.
AI-generated summary
The war in the Middle East is causing oil prices to rise, affecting airline operating costs.
Ryanair group chief executive Michael O'Leary expects a record rise in airfares in Europe next year as the continuing war in the Middle East continues to push up oil prices, forcing airlines to pass fuel costs on to consumers.
Ticket prices are set to rise by up to 20% next year, O'Leary said at a press conference in Brussels, Bloomberg reports. As a result, airline margins will contract sharply, as not even increased fuel surcharges will be able to offset higher oil bills, he said. “Over the next 12 months you will see the biggest increase in airfares in the history of Europe,” O'Leary said. "The question is, will this increase in tickets be enough to cover the drastically higher oil costs? I don't think it will be," he stressed.
AI outlook — possibilities, not facts
Increase in airfares by up to 20% next year.
Likely · Within months

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