Fuel bill increased. Ryanair to increase ticket prices by double digits

Ryanair, a low-cost airline company headquartered in Ireland, announced that it will increase ticket prices and implement a comprehensive savings package, citing the escalating aviation fuel costs due to the Iran war.

The company's CEO, Michael O'Leary, announced that the fuel bill is expected to increase by 2 billion euros (approximately 112.18 billion TL) in the next financial year.

The company plans to introduce cost-saving measures such as a temporary wage freeze, lower cabin crew rates and increased use of artificial intelligence in back-office operations to offset rising costs.

Ryanair, Europe's largest airline in terms of number of passengers, reported that fuel costs, which are not included in forward purchase contracts, have increased due to the US-Iran war.

In the company's second quarter, which ended at the end of September, its net profit after tax decreased by 6 percent compared to the same period last year, falling to 1.61 billion euros (approximately 90 billion 310 million TL).

Commenting on the financial results, O'Leary said, "We expect jet fuel prices to remain high until 2027 unless the conflict in the Middle East is resolved quickly." he said.

Providing protection against current market conditions, the company has fixed 80 percent of its fuel needs for the fiscal year ending at the end of March at approximately $67 per barrel.

The company secured only a quarter of the fuel it needed for the 2027-2028 period at $95 per barrel.

Although this rate remains below current market prices, it represents a significant increase compared to the previous period.

In the second quarter of the year, the company's total revenue increased by 4 percent, reaching 5.7 billion euros (approximately 319 billion 763 million TL).

Although a 5 percent growth was recorded in passenger traffic, ticket prices decreased by 2 percent in the said period due to the hesitation and late booking tendency caused by the war environment among consumers.