In a microwave-safe bowl, combine chocolate chips and oil. Microwave in 20-second intervals until the chocolate chips start to melt. Stir until smooth.
Add salt to chocolate and stir.
Pour chocolate over cereal and stir gently to coat.
Place cereal in a ziploc bag (if you are using a regular size bag, not sandwich and not the large size, you can do this in batches), add ¼ cup of powdered sugar, close the bag and shake. Check to see if the cereal is coated evenly. Add more sugar if needed. Place cereal in a bowl and repeat with remaining cereal.
Notes
I use 2 cups of each: rice, corn and wheat cereal.
You can use vegetable, canola, olive or coconut oil.
Please note, that the nutrition value can vary depending on what product you use. The information below is an estimate. Always use calorie counter you are familiar with.