Heat the oil in a heavy-based pot on MEDIUM. Place 2 kernels in the oil. Replace the lid.
Listen for the two kernels to pop then quickly pour in the rest of the kernels. Shake the lidded pot for 30 seconds. Cook until the kernels start popping really quickly. Turn down the heat as the popping slows. When there is at least 3 seconds between pops, remove from the heat. Leave the lid on for a few minutes until the popcorn stops completely.
Drizzle the melted butter into the pot and then sprinkle over the cheese powder and the shredded cheddar. Toss it all together to coat it. Enjoy.