Holidaymakers will have to pay more for their plane tickets as Ryanair said it expected to push up its fares by 12 per cent.
The warning from Michael O’Leary, the airline’s chief executive, is the latest blow for families who are also likely to face a fresh rise in Air Passenger Duty in November, even though Britain has the highest aviation taxes in Europe.
Mr O’Leary announced the price increases as he unveiled Ryanair’s latest results.
“Significantly higher revenues were largely offset by higher operating costs as fuel rose 49 per cent,” he said.
“We are passing on those higher prices to consumers with a slight increase in fares, however fares are still lower than they were in 2007.”
Some carriers are paying as much as 50 per cent more for their fuel than they were a year ago .
This year has seen British Airways increase its fuel surcharges in February and April because of the spiralling cost of oil.
“Fuel prices have gone up considerably over the past year,” said Brian Pearce, chief economist at the International Air Transport Association, which represents the world’s major airlines.
“Air transport is one of the most fuel intensive industries and this will put substantial pressure on operating costs.
“Like any other industry, aviation will have to recoup these costs.”
EasyJet has also predicted more fare rises unless the price of oil eases. “If fuel stays high inevitably fares will rise, as sure as night follows day” said an easyJet spokesman.
“But we will not lead the charge and try to keep fares as low as possible.”
A spokesman for Virgin Atlantic added: “The cost of fuel is one of the biggest challenges facing the industry.
“Fuel now accounts for a greater proportion of our spend than ever before and our passengers are also facing increased Air Passenger Duty rates. These two factors are making air travel more expensive.”
Earlier this year, Sir Richard Branson, Virgin Atlantic’s founder, called for action to curb oil speculators.
Earlier this year industry figures showed that while business executives were returning to the skies, demand was weaker among holidaymakers.
Analysts believe that this was because cash-strapped families were cutting back on their spending just as soaring oil prices started pushing up the cost of flying.
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