Tüpraş Refining Margins (July 2026)

Tüpraş announced its July product margins. Accordingly, among middle distillates, diesel and jet fuel margins increased by 64% and 52% month-on-month, respectively. Among light distillates, the gasoline margin rose by 40% compared to the previous month, while the fuel oil margin improved slightly to -$12.4/bbl from -$12.5/bbl in June. On a year-on-year basis, diesel, jet fuel and gasoline margins increased by 185%, 217% and 171%, respectively. We maintain our BUY recommendation and TL352.00 target price for Tüpraş, which remains in our model portfolio.