Budget airline, Ryanair, has revealed its plans to combat rising fares despite the huge price hike in oil costs. The airline has pledged that it will streamline its operations in order to keep prices down and is prepared to take a hit in profits without forcing its customers to pay heavy flight costs.

Ryanair has already indicated its intention to retain its customer base by cutting jobs and refusing to increase staff pay. The airline has also acquired cheaper and more efficient aircraft whilst grounding several of its current fleet.

To assist in the drive to implement wholesale price reductions, Ryanair is asking holidaymakers to check in via the internet. This will help to cut handling and other costs.

A company spokesman stated that although the airline would see a short term reduction in its profits, the adoption of these measures would lead to the corporation being well placed to resist the effects of the credit crunch. The spokesman also insisted that Ryanair’s actions will actually see an increase in growth and will help it to grab a larger slice of the holiday market from its competitors.

Industry analysts suspect that many of the world’s largest airline companies will face bankruptcy during the current economic downturn