Ryanair plans to undertake a broad cost-cutting programme after forecasting an additional €2 billion ($2.2 billion) in fuel charges next year, according to CEO Michael O’Leary.
Speaking to Bloomberg Television, O’Leary warned that the higher costs are likely to translate into substantially more expensive tickets. He advised consumers to book their travel for next summer as early as possible, saying fares are expected to rise significantly.
The airline’s cost purge is intended to help offset the anticipated increase in fuel expenses while it manages the impact on its pricing.
Sources: Bloomberg Markets.