President Rodrigo Duterte said even if he would be beheaded in public, he could not do anything about the rising prices of oil.

In a speech in Malacanang on Wednesday, Duterte said unlike other countries, the Philippines does not have a huge source of oil.

"We do not have the buffer ( stock of) oil. We do not have that reserve that we can just increase little by little and use ours but export more or totally use ours. We do not have that luxury. And that is why inflation is very high," he said.

"And you can crucify me if you want. Behead me if you want in public. But I cannot do anything about the oil," Duterte stressed.

He warned that the situation could worsen due to the problem between the United States and Iran, an oil producing country, and Iran and Israel.

While the Philippines is far from those countries, he said it is also being affected.

Duterte expressed hope the oil exploration deal between the Philippines and Israel could bear fruit.

"I hope there will be oil, even if it's not during my time...for as long as the Filipino will be given a break. That's what's driving the law and order of this country," he said.

The government is planning to suspend the second round of increase in fuel excise tax next year if the prices of oil would remain at least $80 per barrel in the remaining months of the year.

Philippine inflation has hit 6.7 percent in September, highest in nine years. Celerina Monte/DMS