The no-frills budget airline are set to raise their prices in response to the sharp increase in fuel prices
The Irish airline who are famous for their no-frills cheap-as-chips airfares say that rising fuel costs mean that the price of tickets are set to rise.
"There's no doubt that at the lower end of the marketplace, our really cheap promotional fares - the one euro fares, the €0.99 fares, even the €9.99 fares, I think you will not see those fares for the next number of years," he BBC Radio 4's Today programme.
Despite this, he doesn’t expect to see a drop in business anytime soon.
"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.”
As the price of airfares have dropped in recent decades, the number of flights has risen, causing concern surrounding climate change.
Commercial flights account for 2.4pc of global CO2 emissions, with the sector facing pressure to significantly reduce its impact.
O’Leary has said that Ryanair have plans to invest in more fuel-efficient aircrafts.
Following the post-pandemic demand for air travel, staff shortages and airport chaos have led to major delays and flight cancellations across the globe.
Michael O'Leary said he had "very little sympathy" for airports, adding “they knew schedules months in advance” and that security staff require less training than pilots.
He added that Ryanair were “part lucky and part brave” in their handling of the situation, according to the CEO of the airline.
According to air travel consultancy OAG, Ryanair cancelled 0.3pc of flights in the first six months of 2022, compared to British Airways who cancelled 3.5pc and Easyjet who cancelled 2.8pc of flights.