Ryanair is planning to reduce the price of tickets for its services by half despite a record high price of fuel, helping it grow substantially, the company's Chief Executive, Michael O'Leary, revealed to the German paper Frankfurter Allgemeine Sonntagszeitung. If this is implemented, it would go as a sort of shocker for all other airlines as they all are increasing the prices of tickets.

Mr. O'Leary also saw further failures coming to the airline and said that he would leave the company in two to three years' time.

The carrier plans to take the passengers number to 80 million, double than the current numbers, as well as to increase the number of flying machines to 300 within 4 years, Europe's largest low-fares carrier's chief executive said.

He further said that the current level of fuel prices-the record high-will push some airline companies into bankruptcy. The oil prices have seen an increase of twenty-five per cent since the beginning of the current year and have increased almost double in the last twelve months.

Mr. O'Leary said that if the oil prices continue to go up or remain at the current level over the next twelve months, some of the company's rivals will go out of the market.

He also said that German's second largest carrier, Air Berlin, would be among the victims. He further said that after 5 years, Ryanair and Lufthansa-the top carrier in Germany-would share the market in Germany.