Average Ryanair ticket prices could soon rise as the price of jet fuel soars on the back of the US-Israeli attacks on Iran, a travel expert warned yesterday.
As well as soaring fares, flight cancellations could begin as soon as next month amid the Gulf attacks, Ryanair chief Michael O’Leary has said.
If the war continues, jet fuel supplies could be disrupted across Europe as the busiest holiday period begins. Ryanair is “reasonably well hedged” on 80% of its fuel, meaning it was protected against most sudden price rises but is paying almost double on the remaining 20% of its fuel, O’Leary, 65, told Sky News yesterday.
Rising oil prices were part of “wider ramifications” of the new war in the Middle East, but the most “immediate concern” was over jet fuel supplies.
As much as a fifth of the world’s oil supply passes through the critical Strait of Hormuz, a narrow seaway which is controlled by Iran in the Persian Gulf.
ts closure has restricted that supply.
O’Leary said: “Fuel suppliers are constantly looking at the market. We don’t expect any disruption until early May.
“But if the war continues, we do run the risk of supply disruptions in Europe in May and June, and we hope the war will finish sooner and the risk to supply is eliminated.
“If the war finishes by April and the Strait of Hormuz reopens, then there is almost no risk to supply.”
Ryanair chief O’Leary said that if the war continues for much longer there would be questions about jet fuel supplies but he added that Ryanair has no plans to cancel any of its flights as some competitors have.
Credits: Ryanair
