Tüpraş Refining Margins (March 2026)

Tüpraş announced its product margins for March. Accordingly, among middle distillates, the diesel margin increased by 153% month-on-month, while the jet fuel margin posted a strong 256% monthly increase. Among light distillates, the gasoline margin rose by 20% compared to the previous month, while the fuel oil margin stood at negative $14.1/bbl. We maintain our 12-month target price of TL271.00 and BUY recommendation for Tüpraş, which remains in our Model Portfolio.