While oil makes a tasty food additive, having your skin come into contact with hot oil can result in a nasty skin burn. Because of the viscous nature of oil, burns caused by this substance can be severe.
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Don't use ice. Many burn sufferers grab a bag of ice to cool their burn. Using this frigid substance will cool the area, but it may cool it so much that it causes frostbite and future damages to the already injured skin.
Don't use ointments. Unless a doctor has prescribe an ointment, don't use one. Placing any kind of mixture on your burn will likely only hold in heat and slow the healing process.