In a small to medium sized saucepan, heat the neutral oil over medium heat until it reaches around 300°F (150°C). You can use a thermometer to monitor the temperature if available.
Once the oil is hot, carefully add the dried red chili flakes and peppercorns to the saucepan.
Lower the heat to medium-low and let the chili flakes infuse into the oil for about 10-15 minutes, stirring occasionally.
Add the salt to taste and stir well.
Continue to cook the chili oil for another 5 minutes, stirring occasionally.
Once the chili oil is fragrant and the flavors have infused into the oil, remove the saucepan from the heat and let it cool for about 10-15 minutes.
Using a fine mesh sieve or cheesecloth, strain the chili oil to remove the solids. Transfer to a clean heatproof container or glass jar.