Ryanair to cut €460m off fuel bill
27.09.09
Ryanair chief executive Michael O’Leary has told shareholders late last week that the airline will save about €460 million on its fuel bill in the current financial year. It recently hedged 90 percent of its oil costs at $62 a barrel for the fourth quarter.
Ryanair’s fuel costs rose by €466 million last year to €1.257 billion and accounted for 45 percent of its operating costs. Some criticised Ryanair for failing to hedge last year, and then when it did enter in to contracts, doing so near the peak price. However, Mr O'Leary told reports after Ryanair’s annual general meeting: ‘Those savings are now locked in.'
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