I learnt this lesson the hard way.
If you’re heating oil and it starts smoking, take it off the heat.
For chip pan / oil fires NEVER pour water on, it can cause an explosion. (No jokes.)
(Same goes for electrical fires: no water!)
First things first. If you are pre-adult, get an adult to deal with it.
If you are fully grown:
Turn off the heat. Best thing to use is a fire extinguisher. (Read the instructions on the label, it’ll tell you if you can use it on your kind of fire.) Or a fire blanket.
Failing that soak a towel with water and cover it.
If it seems to out of control or has spread to other areas, GET OUT OF THERE. Call the fire brigade. You are a million times more precious than any house, so even if the whole place burns to the ground, as long as you (and nobody else) are in it, it doesn’t matter in the slightest.
Is it a fire? Is it a hazard? No, it’s your mother flipping a pancake.
Cooking. We love it. Pancake day 2010. We got soaked walking back to my little house in Warwick (It’s on Humphris Street, opposite 24 hour Tesco.) So to compensate the soaking we had a pancake flipping contest, and made some of the finest pancakes I’ve ever had!