Budget airline Ryanair is suing ExxonMobil, the world's second largest company, as part of a multimillion pound lawsuit alleging the oil group overcharged it for aviation fuel.

The London-listed carrier is claiming at least €9m (£7.6m) in compensation - plus an unspecified amount for lost profit - after the oil major allegedly ramped prices over a seven-year period, documents filed with London's high court reveal.

The claim, which equates to at least 2% of the airline's 2011 pre-tax profit, follows an Italian competition authority decision in 2006 ruling that Exxon and other aviation fuel suppliers in Italy had breached European competition rules.