Tüpraş Refining Margins (November 2025)

Tüpraş announced its November product margins. Accordingly, within middle distillate products, diesel margins improved by 38% month-on-month, while jet fuel margins increased by 26%. Among light distillates, the gasoline margin rose by 29% compared to the previous month, while the fuel oil margin was recorded at minus USD 9.3 per barrel. For Tüpraş, which is included in our model portfolio, we have a target price of TRY 271.00 and a BUY recommendation.