I hope fuel prices rise faster, it'll crush our rivals, says Ryanair boss   

Michael O'Leary also says airline will not levy a fuel surcharge on passengers

Chief executive Michael O'Leary speaking during a Ryanair business update in London. Picture: Yui Mok/PA 

Ryanair group chief executive Michael O'Leary said the airline "will not levy a fuel surcharge" despite higher jet fuel prices, but predicted rivals will do so next summer and forecast more European consolidation as a result of the elevated costs.

Global airlines have struggled with the spiralling cost of jet fuel, with Air Baltic the latest to announce it was entering Chapter 11 bankruptcy protection proceedings.