British Airways expects fuel costs to rise by £300m sterling next year as global oil prices threaten new record highs, Finance Director John Rishton said today. He said the outlook on fuel was 'based on where Brent is today'.
The price of Brent North Sea crude oil for delivery in April shed 21 cents to 53.18 a barrel today after it had rocketed $1.21 to a new record of $54.05 a barrel yesterday evening in London - exceeding the previous high of $53.36.
Rishton also forecast 3-4% revenue growth in 2005-06 while reiterating a slightly more conservative 3-3.5% forecast for this year.
Chief Executive Rod Eddington, who this week announced he would step down to make way for former Aer Lingus boss Willie Walsh in September, has slashed staff and cut back the number of plane types in use to lower costs.
Fuel is second to staffing in costs for the carrier.
