Tüpraş Refining Margins (June 2026)

Tüpraş announced its June product margins. Accordingly, among middle distillates, diesel margin declined by 4% m/m, while jet fuel margin decreased by 13% m/m. Among light distillates, gasoline margin remained flat compared to the previous month, while fuel oil margin was recorded at -12.5 USD/bbl. On a yearly basis, diesel, jet fuel and gasoline margins improved by 129%, 146% and 86%, respectively. We have a 12-month target price of TL 352.00/share and a BUY recommendation for Tüpraş, which remains in our model portfolio.