Tüpraş Refining Margins (June 2025)
Tacirler Investment
Tüpraş announced its product margins for June. Accordingly, among middle distillate products, the diesel margin improved by 18% month-on-month, while the jet fuel margin rose by 5%. Among light distillate products, the gasoline margin contracted by 9% compared to the previous month, and the fuel oil margin was recorded at negative USD 6.2 per barrel. We view the monthly improvements and the resilience of product margins—excluding gasoline—around their 5-year averages as positive.