Tüpraş Refining Margins (July 2025)
Tacirler Investment
Tüpraş has released its product-margin data for July. Within the middle-distillate slate, the diesel margin improved 32% m/m and the jet-fuel margin 18% m/m. Among light distillates, the gasoline margin narrowed 4% versus the previous month, while the fuel-oil margin printed at –US$7.2 /bbl. We view the month-on-month gains and the fact that all margins other than gasoline are holding around their five-year averages as positive.