Tüpraş Refining Margins (May 2025)

Tüpraş announced its product margins for May. Accordingly, among middle distillate products, diesel margin improved by 17% MoM to $16.8/bbl, while jet fuel margin rose by 12% MoM to $16.2/bbl. Among light distillate products, gasoline margin increased by 41% MoM to $18.6/bbl, while fuel oil margin was recorded at negative $3.6/bbl. All product margins improved on a monthly basis. Although year-on-year declines were observed due to the high base effect, we view the monthly improvements and the recovery of all product margins to their 5-year averages as positive.