London, March 2 (AFP/APP): A surge in oil prices fuelled by the invasion of Ukraine by key producer Russia will hamper airlines’ financial recovery from pandemic fallout, Ryanair chief executive Michael O’Leary said Wednesday.
O’Leary told reporters that the current spike will add 50 million euros ($56 million) to the Irish carrier’s costs “over the next 12 months”.
Higher jet fuel costs would make it “more difficult” for the aviation sector to recover from huge financial hits suffered because of Covid lockdowns, he said.
O’Leary added it was “a little early” to know what repercussions the conflict would have on passenger traffic.
While Ryanair bookings plunged “about 20 percent” late last week after Russia launched its invasion, there had been a “significant surge” in air travel to and from Polish airports as Ukrainians flee “into Europe to reunite with friends and family”, O’Leary said.
Ryanair, which flies mainly throughout Europe and to north Africa, has halted its services to Ukraine.
“We will be the first airline to return to Ukraine when it’s safe to do so,” he insisted.
European benchmark oil, Brent North Sea crude, soared Wednesday above $113 per barrel, the highest level for more than seven years.
Kerosene, or jet fuel, is refined from crude oil.
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