Ryanair CEO Michael O'Leary told CNBC Monday that European airfares are set to rise "significantly," growing by as much as 20% next year as fuel hedges expire. The budget air carrier's profit fell 15% to 2.15 billion euros ($2.3 billion) in the first fiscal half of the year, as the price of its 20% unhedged jet fuel doubled. "So we're facing 2027 where we have much higher oil prices... I think they're going to get passed on in significantly higher airfares," O'Leary told CNBC's Steve Sedgwick on Monday. "There's still no resolution in the Middle East. Jet oil today is $170 a barrel. I mean, this is a very significant cost cliff we're all facing next year.
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