Tüpraş Refining Margins (October 2026)
Tacirler Investment
Detailed PDF - 505 KBTüpraş released its October product margins. Among middle distillates, the diesel margin declined by 20% month-on-month to USD67.0/bbl, while the jet fuel margin fell by 6% to USD70.9/bbl. Among light distillates, the gasoline margin decreased by 51% month-on-month to USD21.5/bbl, while the fuel oil margin, representing heavy products, weakened from USD-30.9/bbl in September to USD-31.6/bbl. On a year-on-year basis, diesel, jet fuel and gasoline margins increased by 154%, 193% and 17%, respectively. We maintain our BUY recommendation on Tüpraş with a target price of TL481.00.






