So in effect, they have managed to miss the price drop entirely. Given 12 month contracts are the norm in the industry they must have signed a really good deal for 2 years just before prices started falling in the middle of last year. This would equate to say a 10% discount to the prices at the time, which sounds about right for such a large order. Why they quote the Brent price is a bit mystifying when they are buying jet fuel (where the price has fallen from around $115 to $80 in the same period).
Anyway, they won't be flying cheaply for long against any companies that have not hedged to such a crazy degree. Hedging at its core is a sensible risk management strategy, all Ryan Air have done is been caught out like most of the world by the rapid price collapse in commodities.
Which makes it even weirder that the Labour Party are about to campaign in an election period in 'freezing' energy prices that supply domestic households in the UK. Just at a time when the prices should be falling substantially. Now the companies have hedged the other way, to make sure they can be profitable for the future in a price frozen world. This is now locked in, whether Labour win the election or not, the Big Six energy companies will be unable to track the market in a more meaningful way. So Labour have achieved one aim, there will be no price rises for some time - unfortunately they have managed to lock in the highest prices we are likely to see for the next 3 or 4 years.
Remember when Labour thought they were so clever selling Gold at the bottom of the market - well, here we are, they have done it again and they are not even in Government this time!