Ryanair set to slash air fares

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Flying with Ryanair is set to get a whole lot cheaper.

The Irish airline announced plans to cut air fares by an average 7% after revealing a huge boost in profits. Ryanair said that it had generated £1 billion in profits; an increase of 43% compared to the year before, and is giving the savings back to holidaymakers.

On top of the reduction to summer flights, winter routes could be cut by as much as 12% as the company aims to keep its planes full. This reduction has been put down to lower oil prices and the extra supply of seats the Irish carrier has. The airline recently received 41 new Boeing 737s and will take a delivery of a further 52 in the coming year highlighting the need for a boost in passenger numbers.

Ryanair chief executive Michael O’Leary explained that the move would help to create increased competitive pricing among airlines. Ryanair is aiming to pass through the 100 million mark in terms of passenger numbers.

“It’s good [Ryanair increasing the amount of seats on its flights], because customers are going to get lower air fares and it also puts downwards pressure on our competitors.”

Low budget air travel has been getting cheaper across the board in recent years. According to figures from the International Air Transport Association, fares to and from European destinations had dropped 11.4% in the opening three months of 2016. Both Ryanair and fellow low cost carrier easyJet have introduced a cut to fares as a way of tempting more passengers back.

One thing that won’t be exempt from Ryanair’s drop in prices is the multiple add-ons used by the airline. These cover carry-on baggage, additional baggage, priority check-in and boarding, upgrade to reserved seating and, of course, that pesky £8 for reserving a seat.

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Cover photo credit: Ryanair