Place the bell pepper on the grill over high heat and cook, turning occasionally, until blackened all over, 8 to 12 minutes. Place the bell pepper in a bowl and cover with a plate and let stand until warm. Discard the skin, stem and seeds from the pepper, reserving the flesh.
In a blender, puree the bell pepper, hot chiles, garlic, bay leaf, oil, vinegar, 1 teaspoon salt and 1/2 teaspoon pepper. Use the piri piri sauce on grilled meats and fish or spread on toast as an appetizer.
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