[az09mugen]

That's right, the best is to have a watered dishcloth that will suffocate the fire, hence stopping it. The fire extinguisher may be a bad idea because the pressure will spread burning oil around across the kitchen and the water is definitively the worse idea because it will counterintuitively make a bigger flame and also spread burning oil.

[ThePowerOfFuet]

Watered dishcloth? Water is the absolute last thing you want near very hot oil, never mind burning oil.

[az09mugen]

You're right, the best is a metal lid.