Ryanair: $1.5BN Saved in Fuel Costs Due To Long-Term Supply Contracts

July 14, 2022

Vienna — European budget airline Ryanair will save around $1.5 billion this year due to long-term jet fuel supply contracts, chief executive Michael O'Leary said on Wednesday in Vienna.

The airline will receive the majority of the fuel it needs until March 2023 at a price of roughly $73 per barrel while prices have recently risen to up to $120 per barrel.

"We have secured all the fuel we need at much lower prices," O'Leary said.

Ryanair will be able to transport over 200 million passengers annually within a few years, O'Leary said, compared to around 150 million before the Covid-19 pandemic.

The Irish company is in talks with around 30 to 40 airports about setting up new routes. O'Leary announced connections from Vienna to Helsinki, Copenhagen, and Tuzla for the winter flight plan.

Vienna is among the fastest-growing locations of the Ryanair Group. It employs around 16,000 people overall and boasts a fleet of 470 planes.

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