Factors influencing the market include low stocks in the US, unplanned refinery shutdowns and EU refinery closures.
The block apparently contains reserves of up to 3.5 billion barrels of oil.
Double-digit price increases and a higher fuel levy will place financial pressure on households.
The ceasefire between Israel and Iran has offered some short-term relief for crude oil prices.
Adulterated fuel containing 68% paraffin has been detected during investigations.
The industry holds potential for at least US$300 billion in global exports over the next three decades.
The increase adds 16 cents and 15 cents to the price of petrol and diesel respectively.
