Ryanair boss, Michael O'Leary has warned that airfares are likely to increase for holidaymakers next summer, amid tensions over oil price surges following the conflict in Iran.
Mr O'Leary's comments come as oil prices spiked above $100 per barrel, amid the latest wave of strikes in the conflict.
Speaking to reporters, Mr O'Leary said that flight prices were "only going one way" which is "significantly upward".
"Fares for Ryanair passengers and every other passenger into the summer of 2027 are going to rise materially, I believe, because of significantly higher oil prices", he said at a press conference yesterday.
This comes as Ryanair have already reduced its passenger traffic target for next year, following moves to reduce its reliance on unhedged fuel across the winter months.
"I have no doubt fares are rising next year. The question is by how much", Mr O'Leary added: "We're essentially hedged this year at about $80 a barrel. If we hedge next year at $100 a barrel, our oil bill goes up by 25 per cent".
"Our oil bill this year is six billion. If it goes up by 25 per cent, that's seven-and-a-half billion next year".
Prior to this, Ryanair had warned that some rivals may "struggle to maintain the capacity or even survive" this winter should oil prices continue to increase. (All quotes according to DublinLive).
The International Air Transport Association (ITA), has said that the worldwide average cost of jet fuel climbed 7.4 per cent last week, compared to the previous week, reaching $194.90 per barrel.
Last week, Michael O'Leary also issued an apology for referring to his competitors as "high fare rapists".
This comes after Mr O'Leary had insisted that he would not apologise for his remarks, despite getting written correspondence from the Dublin Rape Crisis Centre, who criticised him for trivialising rape.
However, Mr O'Leary ultimately apologised for his comments.
"I have come to realise however that the word that I used so carelessly has caused considerable upset and offence to a wide number of people, especially to victims and survivors", he said. "I want to apologise, sincerely and unreservedly, to those people, especially to the survivors".
