Tüpraş Refining Margins (September 2025)

Tüpraş announced September product margins. Among middle distillates, the diesel margin improved 21% m/m, while the jet fuel margin rose 18% m/m. In light distillates, the gasoline margin increased 18% m/m, whereas the fuel oil margin came in at −$13.3/bbl. With the exception of fuel oil, all product margins improved in September, and overall margins remained above their five-year averages. On a y/y basis, diesel, jet fuel and gasoline margins rose 80%, 77% and 93%, respectively.