EasyJet facing extra €57m fuel bill

Budget airline EasyJet today braced investors for lower profits after warning of a potential £45m (€57m) hike in fuel costs.

Chief executive Andy Harrison said the recent “unprecedented” rise in fuel costs would impact on second-half profits if maintained.

Crude oil prices have reached a series of record highs in the past month, hitting a record near 112 US dollars a barrel this week.

The rise is more than 20 dollars in the past month alone.

Luton-based EasyJet said forward prices for fuel had risen from 840 US dollars per tonne to 1000 US dollars per tonne since February 7.

If prices remain at this level it will add £45m (€57m) to its second half costs from April 1.

Mr Harrison said: “First half results will be in line with our expectations, however it is pretty obvious that if the recent significant rise in the fuel price is maintained then our second half profits will be lower than we had previously expected.”