O’Leary: Airfare prices in Europe may rise until 2028 — AeroTime

Ryanair CEO Michael O’Leary said at the Airlines for Europe press conference in Brussels, Belgium, that due to rising jet fuel prices, European passengers should expect higher fares in 2028 as well. AeroTime reports.

Fuel is 50% more expensive

According to O’Leary, jet fuel now costs about 50% more than before the start of the war with Iran. He expects prices to remain at roughly this level over the next 12–18 months.

The Ryanair chief linked rising fuel costs to shrinking airline margins throughout 2026. He noted that many carriers had previously hedged their fuel needs, but pressure on the industry could intensify next year: airlines have significantly less fuel hedged for 2027.

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O’Leary estimates that carriers will face a significant increase in costs next year.

The problem is cost, not supply

Analysts had warned of a possible jet fuel shortage in Europe in the fourth quarter, but O’Leary downplayed these risks. In his view, there will be no supply problems either in winter or next summer, while the main challenge will remain the price of fuel.

He said airlines will not be able to avoid passing additional costs on to passengers and called the situation a full-scale crisis. O’Leary had previously suggested that fares could rise by up to 20% next summer. According to Reuters, airlines represented at the conference have already begun raising ticket prices to offset fuel costs.