Metro Manila (CNN Philippines, June 20) — President-elect Ferdinand “Bongbong” Marcos is seeking to make arrangements with oil-producing countries to soften the blow of surging prices of petroleum products on consumers.

In a briefing on Monday, Marcos said his administration wants to take the same approach adopted by his father during the 1973 oil crisis when his administration negotiated with oil-producing nations to lengthen the payback period.

The crisis began when Arab oil producers decided to cut off supply against the US for showing military support for Israel, affecting world prices.

“Lahat ng kausap kong mga ambassadors (All the ambassadors I talked to)… All of them who have a supply of gas, of oil, I already opened the discussion with them. We have to explore everyone,” he said.

The world’s major crude oil producers are the US, Russia, Saudi Arabia, Canada, and Iraq.

Ambassadors from different countries have been paying courtesy calls on Marcos after the latter gained a massive lead against his closest rival outgoing Vice President Leni Robredo.

During the briefing, Marcos said the rising oil prices remain a “big problem” for the Philippines as this has been also taking a toll on the transportation sector, forcing some drivers to halt their operations.

READ: Malacañang urges jeepney drivers not to halt operations amid soaring oil prices

However, he said the government “can’t do anything.”

“We just have to take whatever price we’re getting,” he added.

Marcos is also unlikely to heed the call to suspend the excise tax on fuel products, stressing he instead wanted to focus help on those who are in danger of losing their livelihoods.

The Department of Finance earlier said that suspending the excise tax would cut government revenues by ₱105.9 billion this year.

On Monday, oil companies announced upward adjustments in fuel prices, marking the third consecutive week of oil price hikes.

READ: Oil companies announce third straight week of price hike