Heat your oven to 340 degrees and line 2 cupcake tins with paper liners.
Heat the coconut oil over low heat until melted, set aside.
In a large bowl, combine the flour, powder, soda and salt.
In a medium bowl, combine the milk, sugar, oil, and extracts. Slowly pour this mixture into the large bowl, removing as many large clumps as possible.
Spoon the batter into the tins, filling about 3/4 of the way to the top.
Bake at 340 for 25 minutes, until a toothpick inserted in the center of a cupcake comes out clean.
Cool completely - for at least an hour.