OSLO (Reuters] -Norwegian Air reported a loss in the quarter ended Friday. They said that rising fuel prices will partially offset the benefits of higher bookings during the summer season.

As countries in Europe ease their COVID-19 restrictions, the carrier stated that it was now increasing its operations.

Geir Karsen, chief executive officer of Geir Hotel Group stated that bookings have increased significantly in the lead up to summer.

According to the company, a rising demand has led to a rise in the willingness of people who want to travel, but they cautioned that prices for flying aircrafts were on the rise.

Norwegian stated that the increase in fuel prices would partially offset the positive company recovery.

Budget carrier had a net loss in January and March of 1 billion Norwegian crowns (or 101.82 millions). This was due to lockdowns relating to Omicron, a variant of coronavirus.

The loss of the company was 1.2 million crowns for the same quarter in 2021.

($1 = 9.8212 Norwegian crowns)