Air fares have slipped in recent weeks amid consumer concerns about jet fuel shortages and inflation, according to Ryanair Holdings.Europe’s biggest airline said on Monday that profits rose 40 per cent to €2.26 billion in its last financial year, which ended on March 31st, from €1.61 billion in the previous 12 months.Ticket prices have “eased somewhat in recent weeks” in response to economic uncertainty sparked by rising oil prices, jet fuel price shortage fears and the impact of inflation, chief executive Michael O’Leary said.Ryanair has ordered 80 per cent of its fuel needs for the current financial year in advance at $67 a-barrel, insulating it against current volatility, he noted.Despite the continued choke on the Strait of Hormuz, Europe remains relatively well-supplied with jet fuel with “volumes sourced from West Africa, the Americas and Norway,” he added.Rising fuel prices prompted some European carriers to cancel parts of their summer schedules since the Middle East conflict began at the end of February.However, no Irish airline has axed flights as a consequence of the crisis.While consumers are holding off on booking flights until close to their travel dates, demand for travel in Europe remains robust despite the uncertainty, O’Leary confirmed.Ryanair revenues rose 11 per cent in the 12 months to the end of March to €15.45 billion as passenger numbers climbed 4 per cent to 208.4 million.The Ryanair board proposes giving O’Leary the option to buy 10 million shares at the price at which they traded before sliding following the outbreak of Middle East hostilities if he remains employed until April 2032.“These options will only be exercisable if ambitious profit after tax or share price growth targets are achieved,” said O’Leary.The company proposes paying shareholders a final dividend of 19.5 cent a share.O’Leary said the current volatility meant it was too early to give shareholders meaningful guidance about profit for the current financial year.The outcome “remains heavily exposed to adverse external developments including conflict escalation in the Middle East and Ukraine”, he pointed out.