I think that you would be hard pressed to find any Indian restaurant globally using olive oil , as it does , regardless of type , impart its own unique flavor . Canola , vegetable or sunflower oil would be a better substitute and is just as healthy .
The Bad Fats -
Saturated Fats - Saturated fats raise total blood cholesterol as well as LDL cholesterol (the bad cholesterol).
Trans Fats - Trans fats raise LDL cholesterol (the bad cholesterol) and lower HDL cholesterol (the good cholesterol).
The Good Fats -
Monounsaturated Fats - Monounsaturated fats lower total cholesterol and LDL cholesterol (the bad cholesterol) and increase the HDL cholesterol (the good cholesterol).
Polyunsaturated Fats - Polyunsaturated fats also lower total cholesterol and LDL cholesterol. Omega 3 fatty acids belong to this group.
Therefore, based on the above classification, the "ideal" cooking oil should contain higher amount of monounsaturated and polyunsaturated fats and with minimal or no saturated fats and trans fats.
Best cooking oil - The Verdict? As long as you're using fats and oils sparingly in your cooking and preparation, it would be fine to use any one of the following "good" oils. All of the following oils are low in saturated fats and trans fats. Some have high concentration of monounsaturated fats such as olive oil. Choose corn oil, safflower oil, sunflower oil, soy oil or canola oil if you wish to fry foods as these oils have higher smoke point. It is best not to fry with olive oil as its smoke point is only about 190C/375F.
* Good Cooking Oils:
canola oil
flax seed oil
peanut oil
olive oil
non-hydrogenated soft margarine
safflower oil
sunflower oil
corn oil
The following "bad" oils contain high percentage of trans fat or saturated fats. Some, such as coconut oil, even contain more saturated fats than animal products!
* Bad Cooking Oils:
Vegetable shortening
Hard margarine
Butter
Palm oil
Palm kernel oil
Coconut oil