I once tried to bleach red palm oil by cooking it. But I gave up, since nothing happened. Maybe I did not cook it long enough, or the temperature was too low, or anything else. I did not add orange peel or anything.
But, the smell was totally horrible! Like you were cooking old motoroil or something like that. A strong and nasty smell. So I will never try that again, especially not indoors.
I see some ask why somebody would even try to bleach red palm oil instead of just buying the regular palm oil? For me, that was quite simple, because refined palm oil was not at all available in my country. I have now found two shops online selling it, but it is very expensive, 3 times the price in the UK. When I tried the bleaching process, I did not find anybody selling refined palm oil in my country. Red palm oil is available from immigrant shops locally, and not expensive. So that's why I tried to bleach it myself. Others for sure have their reasons, whatever it can be.
I have read that it should be possible to bleach palm oil by boiling. Africans probably know how to do it correctly. I'm sure I did something wrong.