If you press a bunch of faggits, you get faggit oil.
I think it's old and has something to do with metalworking . . . back when faggot was a respectable, blue collar noun. Faggots are joiners like dowels and probably pressed (with a mechanical press) into other metal parts to join them. You hit this word in older British books where they're building stuff.
Pressed Rat and Warthog closed down their shop.
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