Oleate inhibits oxidation of glycerol 3-phosphate, but has no effect on glycerol 3-phosphate dehydrogenase. The inhibitory effect may be completely reversed by bovine serum albumin or menadione. Lysophosphatidylcholine has a quite similar inhibitory effect. In this case, however, the inhibitory effect is reversed rather by menadione only than by serum albumin. The results presented indicate that free fatty acids reversibly block transport of hydrogen between glycerol 3-phosphate dehydrogenase and CoQ and may be considered as physiological regulators of the glycerolphosphate cycle.