Soaring fuel prices see EasyJet's losses double

Budget UK airline easyJet said today that soaring fuel costs caused half-year losses to more than double as it warned that the rocketing cost of crude oil would put many players out of business.

But the no-frills carrier said it would survive where others failed as it insisted its low-cost business model could see the group through the fuel price woes.

The group reported underlying pre-tax losses of £41.4m (€52.5m) in the six months to March 31, excluding recent acquisition GB Airways, against £17.1m (€21.7m) the year before, with earnings hit by a £67m (€85m) hike in its fuel bill.