Tüpraş Refining Margins (February 2025)

Tüpraş announced its product margins for February. Accordingly, among middle distillate products, diesel margins improved by 17% MoM to $19.6/bbl, while jet fuel margins increased by 15% MoM to $15.9/bbl. Among light distillate products, gasoline margins rose by 24% compared to the previous month, reaching $14.4/bbl, while fuel oil margins were recorded at negative $5.9/bbl. In February, the Brent crude oil price averaged $75.2/bbl, marking a 5% MoM decline. Accordingly, all product margins improved on a MoM basis. However, due to a high base effect, February margins, which are part of Q1, contracted on a yearly basis. Given the monthly improvements, we assess the data as slightly positive.