Make light of palm oil (3,4)
I believe the answer is:
oil lamp
'make light' is the definition.
'oil lamp' can be an answer for 'light' (oil lamp is a kind of light). I am unsure of the 'make' bit.
'of palm oil' is the wordplay.
'of' indicates an anagram (the answer comes from or 'of' the letters).
'palm'+'oil'='palmoil'
'palmoil' is an anagram of 'OIL-LAMP'.
Can you help me to learn more?
(Other definitions for oil lamp that I've seen before include "Light that burns kerosene" , "Early means of illumination" .)