Here are some links I found in a quick search. [I can't verify the science stated in any of these sites ]
good one on sesame oil and a 3 step test:
Use for old oil?.... Has anyone tried this with old french fry oil??????? If rancid oil - would it stink?
http://www.judyofthe...t/diy/lamp.html [Scroll Down]
Now you may be thinking, burning vegetable oil must be very smelly. Some oil may be, but olive oil burns very clean and without odour. Smoking oil smells unpleasant, but burning oil does not. So forget the stench of a smoking frying pan. However, even the smellier types of oils can be used economically outdoors. Perhaps you have a bottle of forgotten salad oil at the back of the cupboard. Here is some use for it. Or how do you get rid of the deep frying fat after making a few batches of chips (French fries)? Light your porch, patio or garden path. You could even collect waste oil from fast food joints. Strain it and use it for your lantern. You could also add a few drops of essential oil for a scented light. The volatile oil will evaporate easily with the nearby heat, before the flame can actually burn it.
ANYway...let's be careful of burning oil...of any kind....