Ryanair boss Michael O’Leary says he expects the low-cost airline’s average fares to be up by 25 per cent over the next five years, with rising fuel costs already hitting its cheapest flights.
Ryanair boss: 10 euro fares to disappear due to rising fuel prices
Low-cost air carrier Ryanair’s trademark one euro and 10 euro ($US10.30) fares will not be seen for a “number of years” due to soaring fuel prices, the budget airline’s boss has said.
In an interview with BBC Radio 4’s Today programme, Michael O’Leary said he expected Ryanair’s average fare to rise by about 10 euros over the next five years, from around 40 euros last year to roughly 50 euros by 2027.
“There’s no doubt that at the lower end of the marketplace, our really cheap promotional fares – the one euro fares, the 0.99 euro fares, even the 9.99 euro fares – I think you will not see those fares for the next number of years,” O’Leary said.
Although soaring fuel prices that are affecting the airline’s fares are also wreaking havoc on people’s disposable incomes, O’Leary was confident customer numbers would remain steady.