Ryanair’s chief executive Michael O’Leary has told travellers to expect the ‘mother and father of all fare wars’ this winter as flight prices are cut.

He said fares will be slashed in the coming months due to oil prices nearing their lowest in six years and the Pound’s ‘spectacular’ rise in value against the euro.

Attending the Ambrosetti Forum, an international economic conference, at Lake Como in Italy, he told CNBC he expects oil prices to remain low in the short- to medium-term. He said:

“As with many European airlines, we intend to pass that onto incredibly low fares this winter. ‘It’s one of the reasons that at Ryanair, we’re predicting the mother and father of all fare wars this winter.”

Earlier this year, Mr O’Leary told a French newspaper that Ryanair would slash its fares by as much as 15% over the next two years, reports the Daily Mail.