Tüpraş Refining Margins (September 2026)

Tüpraş announced its September product margins. Among middle distillates, the diesel margin fell by 1% m/m, while the jet fuel margin rose by 11%. Among light distillates, the gasoline margin declined by 7% m/m, while among heavy products, the fuel oil margin deteriorated from -$15.6/bbl in August to -$30.9/bbl. On a y/y basis, diesel, jet fuel and gasoline margins were up 216%, 249% and 100%, respectively. We have a target price of TL481.00 and a BUY rating on Tüpraş.