How do you put out a liquid fire?
Do NOT attempt to put water on this type of fire! Also, DO NOT
open the pan, as it will add more oxygen to the fire and make it
burn even harder. Simply throw BAKING SODA on top of the fire, and
it will die down. Be generous.
Edit: Chances are, if the oil is burning, the pan is open, so
you will need to put a lid on the pan that will sit tightly and
seal off any oxygen from entering that pan. As a precaution, I
would suggest having a flame extinguisher or a fire blanket in the
kitchen.