You can't and still have vegetable oil - it is a chemically bonded part of the substance.
Vegetable oil is a tri-ester of one molecule of glycerol with three molecules of fatty-acid chain. If you split off the glycerol you get fatty acids - if you split it off with lye you get the sodium salt of fatty acids, or soap. The glycerol will then be dispersed in the mixture and can be dissolved out with water. This is not simple as the water will also contain all sorts of impurities such as the salt you had to use to get the soap to precipitate.
Bart van Herk
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