The present invention relates to a process for obtaining polyols from used frying oils as the starting ingredient and converting the polyols to polyurethane products. The process comprises few steps such as epoxidation process by reacting used frying oil with an acid, reacting the epoxidized used frying oil with a monohydric or polyhydric alcohol in the presence of a catalyst to form a polyols, mixing the polyols with an additive or additives and a blowing agent or blowing agents and mixing the blended polyol with an isocyanate to form a polyurethane product.