Tüpraş Refining Margins (April 2026)

Tüpraş announced its April product margins. Accordingly, among middle distillate products, the diesel margin declined by 7% MoM, while the jet fuel margin decreased by 22% MoM. Among light distillate products, the gasoline margin fell by 37% compared to the previous month, while the fuel oil margin stood at -32.9 USD/bbl. We have a BUY recommendation for Tüpraş, which is included in our model portfolio, with a target price of TL352.00.