Tüpraş Refining Margins (August 2026)

Tüpraş announced its August product margins. Accordingly, among middle distillates, diesel and jet fuel margins increased by 13% and 6% MoM, respectively. Among light distillates, gasoline margins rose 6% MoM, while the fuel oil margin declined to -$15.6/bbl from -$12.4/bbl in July. On a YoY basis, diesel, jet fuel and gasoline margins increased by 285%, 270% and 153%, respectively. Tüpraş remains in our Model Portfolio.