Tüpraş Refining Margins (January 2026)

Tüpraş announced January product margins. Accordingly, within middle distillates, the diesel margin declined by 11% month-on-month, while the jet fuel margin decreased by 9%. Within light distillates, the gasoline margin narrowed by 30% compared to the previous month, whereas the fuel oil margin was recorded at -15.8 $/bbl. For Tüpraş, which is included in our model portfolio, we have a target price of TL271.00 and a BUY recommendation.