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Ryanair announces 7% fall in fare prices

Ryanair has stated it would reduce its fare prices by an average of 7% in 2016, as the Irish airline seeks to increase its market share and increase competition in the European market.

«If there is a fare war in Europe, then Ryanair will be the winner,» BBC quoted Ryanair chief executive officer Michael O’Leary as saying.

The lower prices were announced as the low-cost airline reported a 43% rise in net profit to 1.2 billion euros for the full year to the end of March.

BBC evaluates that the sharp drop in the price of oil – by 70% since June 2014 – has allowed airlines to cut flight expenses and rival airlines are expected to cut their fares in response.

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