The fat and oils thrown away by Britain’s legion of fish-and-chip shops have long been viewed as useless waste.

But now the nation’s chippies may want to reconsider: they could be sitting on supplies of liquid gold.

For the first time, a major stock exchange is set to launch a market for supplies of waste cooking oils as production of eco-fuels becomes big business.

Bursa Malaysia, Malaysia’s biggest stock market and the main hub for trading palm oil globally, is considering the launch of futures contracts for used cooking oil, according to Bloomberg.

Cooking oil and similar waste are common by-products of restaurants and food manufacturers that use deep fat fryers.

A typical tabletop fryer holds about 10 litres of oil and this needs to be changed at least once or twice a week, according to Bio UK Fuels, a Sheffield-based company that recycles the waste.

This used oil can be used as a feedstock to produce so-called biofuels, which produce fewer carbon emissions compared to traditional petrol and diesel products.

These are increasingly being used to fuel vehicles, provide heating and generate electricity, with the European Union adopting rules last year to mandate uptake.

Waste oil biofuels consumption rose globally by almost 40pc between 2021 and 2023, according to an estimate from the Transport & Environment lobby group.

Bursa Malaysia plans to offer US dollar-denominated contracts for lots of 25 metric tons of used cooking oil, Bloomberg reported on Thursday.

A spokesperson for Bursa Malaysia said changes may still be made, with any contract launch subject to regulatory approval.