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If using dry red chilies then soak them in warm water till a little soft. For a milder paste, you can remove the stem and the seeds.
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Remove from water and grind into a smooth paste.
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If using fresh red chilies, wash them well and remove half the seeds as they are very very hot. Grind them into a smooth paste.
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Heat oil in a pan and add the paste.
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Let it cook on low heat for a 3 to 4 minutes. Switch off the gas.
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Let it cool and then put in an ice cube tray.
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Freeze and transfer to a zip lock bag. Use when required.