Add the peanut oil to a saucepan over medium-high heat. Keep a close eye on it as the oil heats.
Test if the oil is ready by adding a small piece of onion. The onion should gently sizzle with small bubbles around it, but it should not immediately deep fry.
Once ready, add the sesame oil and stir to combine.
Carefully add all of the onion and cook over medium-high heat for 4–6 minutes, stirring frequently, until the onion is softened and lightly golden.
Add the peanuts and continue cooking for 3–5 minutes, stirring constantly and keeping a close eye on the colour.
Turn off the heat and allow the oil to cool for just a few minutes.
Add the garlic, sesame seeds and chilli flakes, then return the pan to medium heat.
Cook for a couple of minutes, stirring constantly, until everything is a deep golden brown - but not too dark! The residual heat will continue to crisp things up.
Remove from the heat.
Stir for several minutes until the mixture has cooled significantly.
Once mostly cooled, stir through the brown sugar well, then add the white pepper and soy sauce until well combined.
Transfer to a clean, sterilised jar and allow to cool completely before sealing.
Store in the fridge for up to 7 days and enjoy!