Reliance Industries' refinery at Jamnagar in Gujarat is likely to outperform peers to earn stronger margins of $9.5 in the current quarter, UBS Global Research has said. In a research note, UBS said Singapore complex refining margins are holding firm at $8 per barrel in April-June quarter compared with $5.8 GRM a year ago. These are however lower than $8.5 a barrel of 4QFY15. GRM, or the margin earned on turning every barrel of crude oil into fuel, is driven by strong gasoline margins, better demand and tightened supply due to refinery maintenance shutdowns.