Tüpraş Refining Margins (May 2026)

Tüpraş announced its May product margins. Among middle distillates, the diesel margin declined 13% m/m and the jet fuel margin declined 26%. Among light distillates, the gasoline margin rose 210% versus the prior month, while the fuel oil margin came in at -$17.6/bbl. For Tüpraş, which is included in our model portfolio, we maintain a target price of TL352.00 and a Buy rating.