Ryanair warns of 'higher air fares post Easter and later this summer' urging all holidaymakers to book flights and holidays 'as soon as possible'
Ryanair has warned that air fares are expected to increase in price after Easter and later this summer.
A spokesperson from Ryanair told the Express & Star that “with jet oil prices doubling during March” it expects “all airlines will pass on these higher costs in the form of higher air fares post Easter and later this summer.”
Jet fuel prices, which averaged at about $85 (£64) to $90 (£68) before the US and Israeli strikes on Iran started in February, have surged to around $209 (£158) per barrel globally, according to the International Air Transport Association.
The Gulf is a major source of aviation fuel, accounting for about 50% of Europe's imports.
The bulk of it comes through the Strait of Hormuz, which Iran had effectively closed in response to US and Israeli attacks.
Many airlines around the world have had to take emergency measures to counter the rising cost of fuel.
Airlines in Asia have been trimming services and raising fares to cope with the situation.
United Airlines in the US and Scandinavia's SAS are among those to have cut flights and increased ticket prices.
Air France-KLM has said it will lift fares for long-haul journeys, while Cathay Pacific is raising its fuel surcharge.
As per the BBC, British Airways owner IAG and EasyJet have been able to hold off on either measure so far as they are buying their fuel at a price fixed before the war began.
However, Ryanair warns that jet fuel supplies could start to be disrupted if the conflict continues.
A spokesperson told the Express & Star: “We don’t expect any near-term fuel shortages, but the situation is fluid.
“At present our fuel suppliers can guarantee supply to mid-end May.
“If the Iran war finishes soon then supply will not be disrupted.
“If the closure of the Hormuz Straits continues into May or June then we cannot rule out risks to fuel supplies at some airports in Europe.”
The airline is urging all passengers to book their flights and holidays as soon as possible.
The spokesperson added: “Then they will be insulated from inevitable air fare and accommodation cost increases after Easter and later this summer.”