Tüpraş Refining Margins (January 2025)
Tacirler Investment
Tüpraş announced its product margins for January. Accordingly, among middle distillates, diesel margins improved by 4% MoM to $16.8/bbl, while jet fuel margins increased by 14% MoM to $13.8/bbl. Among light distillates, gasoline margins rose by 5% MoM to $11.6/bbl, while fuel oil margins stood at negative $10.7/bbl. In January, Brent crude oil prices averaged $79.2/bbl, marking a 7% MoM increase. While the fuel oil margin saw a limited contraction, diesel, jet fuel, and gasoline margins improved. Given the high base effect, January margins for 1Q25 contracted YoY, but the monthly improvements lead us to assess the data as moderately positive.