Can motorcycle run on cooking oil? In theory YES if you can boil it and eat it why not? It's suitable? Cooking oil boiling point estimates at 300c a motorcycle engine run 230-250c depend on weather some goes up to 300c so again in theory it seem fine. Again is cooking oil not suitable? Due to not enough chemical, like acids, bases and lack of viscosity cooking oil will degrade very fast in high temperature.
Do not buy "overpriced" semi-synthetic oils you can actually DIY yourself if you find mineral oil not good enough and full synthetic not withtin your budget. In industry standard semi-synthetic are mixture of mineral oil and synthetic oil, with no more than 30% synthetic oil ratio 70% mineral and 30% full synthetic.
Mix 2.8L of mineral and 1.2 fully synthetic you will get 4L of DIY semi-systhetic. Personally still insisted on quality fully synthetic oil last longer in long run actually save bucks.
My 2 cents.
Also can read my thoughts on Engine Oil myth
http://tripdrive.blogspot.sg/2014/12/the-engine-oil-maze-literally-drive.html