Ryanair Cuts Winter Target Amid Soaring Jet Fuel Prices

Ryanair has adjusted its winter traffic target in response to rising jet fuel prices. The airline expects traffic to be broadly flat year-over-year, lowering its target to 214 million passengers from 216 million.

Ryanair is heavily hedged against oil price fluctuations, with about 80% of fuel costs protected at $67 per barrel. However, the remaining 20% is exposed to the current market price of around $140 per barrel.

The airline warns that some less well-hedged competitors could struggle to maintain capacity or even survive this winter season if high oil prices continue.