In a wide frying pan over medium-low heat, heat peppercorns, shaking pan occasionally, until fragrant (about 10 minutes).
Coarsely grind with a mortar and pestle or crush with a rolling pin.
Heat salad oil until hot; pour over peppercorns, then stir in paprika and red pepper.
Strain oil, discarding peppercorns.
Store in a covered jar at room temperature.