Tüpraş Refining Margins (December 2025)

Tüpraş announced its December product margins. Accordingly, within middle distillates, the diesel margin declined by 36% month-on-month, while the jet fuel margin fell by 23%. Among light distillates, the gasoline margin decreased by 26% compared to the previous month, and the fuel oil margin came in at -14.5 $/bbl. For Tüpraş, which is in our model portfolio, we maintain our 271.00 TL target price and “BUY” recommendation