Carrier pre-bought fuel at nearly twice current price leaving profits squeezed as rivals cut fares to fill planes, says budget airline
Ryanair has warned that lower oil prices will push down air fares next year and keep a lid on profit growth at the budget airline.
The company said it had hedged its fuel costs at $92 (£61) a barrel for next year, limiting the carrier’s gains from falling oil prices that have slumped below $50 per barrel. It added that some competitors would be able to cut prices because they had held back from locking in higher fuel costs.