Tüpraş Refining Margins (October 2025)

Tüpraş released its October product margins. Among middle distillates, the diesel margin narrowed by 1% m/m, while the jet fuel margin improved by 12% m/m. In light distillates, the gasoline margin contracted by 16% m/m, and the fuel oil margin came in at −$5.3/bbl. Across the product slate, margins continued to run above their 5-year averages. On a y/y basis, diesel, jet fuel, and gasoline margins increased by 76%, 81%, and 32%, respectively.