Times and rivals criticise Ryanair for failing to hedge fuel
04.06.08
The Times has criticised Ryanair and its Chief Executive, Michael O'Leary, for his decision not to hedge against rising oil prices, which has left the airline almost completely exposed to oil at more than $130 a barrel. The 'crappy airlines' that he suggested would go bust this year also criticised the budget airline's failure to hedge its fuel needs as they had done.
British Airways has hedged about 65% of its fuel needs this year at $85 a barrel and Flybe, which Mr O'Leary singled out yesterday as a potential casualty of high oil prices, is 76% hedged. Yet Ryanair is almost completely unhedged at a time when fuel costs are at record levels.
The Times says today: 'Mr O'Leary's comments about ‘idiot’ regulators and bureaucrats do not sound so clever when he himself is messing up.' The long knives may be coming out for aviation's golden boy.
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