廃油 is read as はいゆ (haiyu) and means waste oil.
はいゆ
haiyu
はいし
abolition
はいぜつ
はいあん
rejected bill (project)
はいこう
closure of a mine
はいき
annulment
はいぎょう
discontinuation (of business)
はいざい
scrap wood
closing of a school
はいしゃ
deregistered vehicle
はいひん
waste
はいかん
ceasing to publish
はいせん
scrapped vessel