Tüpraş Refining Margins (April 2025)

Tüpraş announced its product margins for April. Accordingly, within middle distillates, the diesel margin declined by 7% MoM to $14.4/bbl, while the jet fuel margin improved by 5% MoM to $14.5/bbl. Among light distillates, the gasoline margin increased by 13% MoM to $13.2/bbl, while the fuel oil margin was recorded at negative $7.2/bbl. As such, diesel and fuel oil margins declined compared to the previous month, while gasoline and jet fuel margins improved. Diesel and gasoline margins remained below their 5-year historical averages. On a YoY basis, diesel, jet fuel, and gasoline margins contracted due to a high base, whereas the fuel oil margin improved.