India's oil sector is gearing up to meet the energy challenges of the future. Addressing a gathering of energy sector experts in at Gulf Intelligence energy Markets Forum in Dubai today, the Chairman and Managing Director of Indian Oil Corporation, R.S.Butola said that India is expanding its exploration as well as refining capacity. It is building capacity as per its domestic requirements and its consistent GDP growth rate has allowed it to consistently meet and pay for its energy needs. He was referring to how India will cope up with its growing energy demand. The IOC Chairman said that there is a need to look at India's energy basket and prioritize it. India imports 75-80 percent of its crude oil which has a huge cost to its public exchequer. However he expressed optimism that with explorations picking up , availability of crude oil from countries like Iraq which have ramped up their production, new finds in East Africa and discovery of Shale gas in North America will go a long way in meeting the energy demands of the future. Responding to the queries related to the depreciation of the Indian Rupee, he said that India can withstand such challenges and there will be a self-correction as has been the case in the past. The Chairman of the Fact Energy Group, Dr. Fereidun Fesharaki said India's decision to raise the petrol and diesel prices is a bold moves which reflect a sincere approach on the part of the Government to tackle the issue. He asked if a country like India can raise the prices why can't the gulf nations do the same inside their own turf when their own citizens are in a better position to pay off for a rise in the prices of petrol which are substantially lower than in India.