Published: 2022-08-22 15:42
Last Updated: 2022-10-01 04:04
Ryanair, the Irish ultra-low-cost carrier, will stop offering cheap flights for several years due to the soaring fuel costs, according to the chief executive Michael O'Leary.
O'Leary told the BBC that “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 he expected the carrier's average fare to rise to about 50 euros over the next five years from around 40 euros in 2021.
Passengers who were lucky enough to have grabbed a promotional fare have tended to pay far more, however, with Ryanair charging additional fees for transporting luggage and extras such as fasting boarding.
Soaring energy prices could in fact benefit the airline as passengers spurn more expensive rivals, O'Leary added.
He said, “We think people will continue to fly frequently. But I think people are going to become much more price sensitive and therefore my view of life is that people will trade down in their many millions.”