Rakteem Katakey / New Delhi November 15, 2008, 0:19 IST

After reporting losses in excess of Rs 12,000 crore in the July-September quarter, state-run refiners are likely to make marginal profits in the three months up to December 2008 as crude oil prices have plunged to 22-month lows of below $50 per barrel, five analysts tracking the companies said.