Chinese authorities have announced a rise in retail prices for gasoline and diesel fuel within the country

Chinese authorities have announced a rise in retail prices for gasoline and diesel fuel within the country

The China state refiner issued a notice Sunday that the price of gas will be set higher by a "meaningful" amount starting March 24.

It comes as countries across the region are taking various measures to weather the soaring cost of fuel.

With airfares and gas prices spiking, some lawmakers are warning of the potential for price gouging, even as experts point to extreme supply shocks.

Asia relies heavily on oil and gas from the Gulf, and shortages and higher prices are starting to bite.