No. Our body requires fats. Some of them are essential which can only be obtained through diet. Mustard oil, Flaxseed oil, Soybean oil contain essential fatty acids. Oil also contains micronutrients such as oryzanol, carotenoids, tocopherols etc. which has Vitamin A and Vitamin E activity. The oil/fat also helps us absorb certain vitamins which are fat soluble such as A, D, E and K.