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.
