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Ryanair to limit fuel hedging in case prices fall in 2023 -CEO

Reuters
·1-min read
FILE PHOTO: Ryanair CEO holds a news conference on EU climate change policies, in Brussels

LONDON (Reuters) - Ryanair is unlikely to hedge more than half its fuel needs for its next financial year due to the risk that oil prices could fall by next summer, Group Chief Executive Michael O'Leary said on Tuesday.

"I think we will try to hedge up to 50% of FY24" at about $90-$92 a barrel," O'Leary told a news briefing, referring to the financial year to the end of March 2024.

"I don't think we'll hedge any more because I think there is an equal chance in the summer of 2023 that oil prices might fall."

Ryanair hedged about 80% of its fuel ahead of its current financial year, most of it at around $63 per barrel.

November Brent crude futures were trading at $98.09 a barrel by 1735 GMT on Tuesday. [O/R]

(Writing by Conor Humphries; Editing by Emelia Sithole-Matarise)