Tüpraş Refining Margins (February 2026)

Tüpraş released its February product margin figures. Within middle distillates, the diesel margin improved by 13% m/m, while the jet fuel margin rose by 12% m/m. Within light distillates, the gasoline margin increased by 8% m/m. Fuel oil margin was reported at -$15.5/bbl. For Tüpraş, which is in our model portfolio, we maintain our TL271.00 target price and BUY recommendation.