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RPT-Ryanair to scale back fuel hedging policy

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DUBLIN, April 21 (Reuters) - Ryanair plans to curtail its fuel hedging policy after suffering a loss of nearly 900 million euros ($1.1 billion) last year due to fuel hedges that were not needed due to COVID-19 groundings, Group Chief Executive Michael O’Leary said on Wednesday.

“A defective hedge last year cost nearly 900 million euro so I will never hedge 90% of my current monthly requirements ever again,” O’Leary told the Financial Times in an interview streamed online.

$1 = 0.8313 euros Reporting by Conor Humphries Editing by Chris Reese

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