Tüpraş Refining Margins (March 2025)

Tüpraş announced its product margins for March. Accordingly, within middle distillates, the diesel margin declined by 21% MoM to $15.5/bbl, while the jet fuel margin fell by 13% MoM to $13.8/bbl. Among light distillates, the gasoline margin dropped by 19% MoM to $11.7/bbl, and the fuel oil margin was recorded at negative $6.4/bbl. All product margins decreased on a monthly basis, and except for fuel oil, margins came in below their 5-year averages. Due to a high base, diesel, jet fuel, and gasoline margins contracted on a yearly basis, while the fuel oil margin improved YoY. Given the monthly declines, we consider the data as slightly negative. We have a Buy recommendation for Tüpraş with a target price of TL 208.10.