Want to Fly Cheap in 2016? This European Airline is Dropping Fares by 7%

By: Jon Corrigan

Planning a trip to Europe and want to fly cheap? Budget airline Ryanair, amid record profits and passenger numbers, is expected to drop ticket fares by 7% this year.

The Dublin-based airline saw net profit gains of 43% last year (US $1.4 billion) and percentage of seats sold rose to 93%.

Ryanair Chief Executive Michael O’Leary says ticket prices will decrease 6% this summer and even more in the winter. The reason? O’Leary cites increased competition and well-hedged fuel costs.

“If there is a fare war in Europe, then Ryanair will be the winner,” O’Leary said. “If other airlines want to compete with us on price, then we will lower our prices again.”

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