Ryanair Cuts Passenger Targets Amid High Oil Prices and Air Fare Worries

Ryanair has reduced its passenger target for the year to March 31 due to high oil prices. The airline now expects to carry 214 million customers, down from a previous target of 216 million. This move aims to minimize the impact of 'unhedged winter oil' during the off-season.

Jet fuel is currently trading at $140 (£104) per barrel, which has pushed Brent crude to its highest level since late July. If high oil prices persist through summer 2027, Ryanair warns that short-haul air fares in Europe will increase significantly as less well-hedged competitors struggle to maintain capacity or survive the winter season.

Despite the reduction in passenger targets, Ryanair remains optimistic about its summer bookings. The airline expects a 5% increase in passenger numbers between April and October, up from 138 million to 145 million last year.