Ryanair's boss has issued a warning to holidaymakers planning a trip.
The airline is renowned for offering bargain prices to fly to destinations across Europe. However. Michael O'Leary warned the airline's trademark budget fees will not be seen for a "number of years" due to surging fuel prices.
Russia's invasion of Ukraine has sparked a hike in the price of wholesale gas - and Mr O'Leary told BBC Radio 4's Today programme that his company is feeling the impact of surging energy costs. He said: "There's no doubt that at the lower end of the marketplace, our really cheap promotional fares - the one euro fares, the 0.99 euro fares, even the 9.99 euro fares - I think you will not see those fares for the next number of years."
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The sky-rocketing fuel prices have added more pressures on people's pockets as the UK faces a cost-of-living crisis. Shock forecastsfrom analysts Cornwall Insight have predicted bills will rise even higher this winter than had been previously thought.
Bills are now expected to reach approximately £3,582 per year for the average household from October - up from the £3,359 predicted earlier this month. From January, that amount is expected to rise to £4,266 before rising again in April to £4,427 - the previous forecast was for £3,729 in April.
However, Mr O'Leary is confident the number of customers will remain steady as holidaymakers will look to lower cost alternatives to enjoy a holiday. He said: "We think people will continue to fly frequently.
"But I think people are going to become much more price sensitive and therefore my view of life is that people will trade down in their many millions."
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