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Lipids are a general term for oils, fats and lipids. Oily substances in food are mainly oil and fat, which are generally called oil when they are liquid at room temperature, and fat when they are solid at room temperature. Fat is made up of three elements: C, H and O. Fats are triglycerides composed of glycerol and fatty acids. Fat is soluble in most organic solvents, but not in water.