Easyjet and Ryanair cut flights on oil price rises

EasyJet is to cut flights in response to high oil prices, following a similar from budget rival Ryanair last week.

The airline is to cut 12 per cent of its flights from Stansted this winter, as it tries to ‘thin out’ flying at less profitable times. Total growth over winter will be cut back to between four and six per cent.

EasyJet said fuel price rises had hit the firm for £185 million and it expects pre-tax profits to hit between £110 million to £120 million in the coming year. In the last three months passenger numbers grew 16 per cent.

Last week, Ryanair announced the closure of seven European bases and a cut of 250 flights from Stansted – blaming high airport fees and oil prices.

Previously the Irish budget airline had warned is oil prices rose over $130 a barrel, the firm would start to make a loss.

Oil prices recently peaked at $147 a barrel, but have since fallen to around $125.