THE low cost airline, Ryanair, known for offering staggeringly low prices, including €0.99 or €9.99 for flights, has put an end to its cheap promo deals due to rising fuel prices.
According to Ryanair boss Michael O’Leary, the airline will ‘no longer be able to provide these tickets,’ and ‘we won’t see them again for several years.’
Furthermore, O’Leary said that the average airfare will increase by about €10 euros over the next five years, from €40 to €50 by 2027.
Nevertheless, O’Leary believes the number of customers won’t decrease. On the contrary, he believes that consumers will ‘flock’ to budget airlines such as Ryanair and easyJet.
The rise in fuel prices is a challenge for the aviation sector with fuel being, in general. the largest operational cost.
Based on a report from business consultancy and lobbying firm McKinsey & Company, the price of jet fuel has skyrocketed by roughly 90% since the start of 2022, and costs approximately 120% more, on average, than in 2021.