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Ryanair boss predicts tough months ahead as war pushes up fuel prices -Breaking


© Reuters. FILE PHOTO. Ryanair Chief Executive Michael O’Leary talks during a Reuters Newsmaker Event in London on October 1, 2019. REUTERS/Peter Nicholls


LONDON (Reuters] – The next 12 months are going to be difficult for airlines, after Russia’s invasion in Ukraine pushed up oil costs above $100 a bar. Ryanair chief Michael O’Leary spoke Wednesday and assured that his company was well covered.

O’Leary stated to Sky News that he believes it will be difficult for airlines in the coming 12 months.

We have a hedge to cover about 80% of our fuel requirements until March 2023. We will still be able pass low oil prices to customers this summer and throughout the year because of our strong fuel hedging position.

Ryanair was suspended, along with most airlines, from Ukraine as Moscow declared war on its western neighbor.

O’Leary indicated that Ryanair will be operating more flights between Poland, Romania, Italy, Germany, Spain, Portugal and the beaches of Greece and Italy this summer.

After the Omicron virus of coronavirus disrupted Christmas holiday travel, airlines were counting on the growth of summer business. However, they now face an uncertain future due to rising oil prices.

O’Leary pointed out that there has been a significant increase in the demand for flights from and to Polish cities, as many Ukrainians return to Europe and the UK to be reunited with their loved ones.

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