After personnel costs, the cost of jet fuel is the largest cost item for SAS. During the fourth quarter, the cost of fuel increased by almost SEK 700 million. In the past month, oil prices have fallen to record lows, after not so long ago having been clearly higher. These were revealed in Tuesday's report presentation.

”We have a position that gives us a good share of the upside if the oil price falls, but at the same time limits the downside if it rises,” said CFO Torbjörn Wist.

SAS's goal is for 40-80 percent of volumes to be hedged through derivatives and as of October 31, 52 percent was hedged for the next six-month period.

The company's CEO Rikard Gustafson does not rule out that ticket prices may rise, but at the same time added that it is not entirely certain given the increasing competition in the European market.

”"We will all strive to compensate for higher costs, but at the same time we have overcapacity in the market," said Rikard Gustafson, who noted that ultimately it is the customers who decide what they are willing to pay.