Jean Todt insists the FIA "are going" to take action on the costs of F1 engines, which customers have complained about in recent years.
The switch from 2.4-litre V8s to 1.6-litre turbocharged V6 engines in 2014 saw a marked rise in the price.
With customer teams now paying around €20million per season for engines, the price has doubled according to some teams.
Todt says it is now time to take action and concedes it should have been done sooner.
"I do agree that it's too expensive," the FIA President stated.
"Here, I take the responsibility of probably not having secured a maximum cost to the customers.
"It's something we are going to address; it's better late than never."
Asked how he planned to go about it, the Frenchman responded: "We are going to discuss it.
"I am a realist, so I want to make sure that what we do can be done.
"I need good advisors so that we can go through with the challenge."
The one thing Todt is keen to avoid, though, is a cost cap.
Unlike his predecessor in the FIA, Max Mosley, he does not believe it is the way to solve F1's problems.
"I am not a big believer in cost controls.
"If we will be sure that it [complete cost control] is the solution and that we can apply it, then I will not be against it, but almost nobody is in favour of that."