It's perfectly ok to use any type of cooking oil. However, olive oil is the healthy choice because it is low in saturated fat and high in unsaturated fat. Olive oil though is generally more expensive.
sorry i would say that is a misleading answer chijiki - both olive oil AND vege oil are a healthy choice as they are BOTH lower in saturated fat and higher in polyunsaturated fat (when compared with animal fats) though they are typically about the same when compared with each other. The difference is the taste in that olive oil is used as a flavouring (being that it has a nice taste) when used as a dressing or as an ingredient in a pasta sauce, whereas vege oil doesn't taste very pleasant and is usually reserved for frying
I agree with Darth. If you want to make your own decision, dip a piece of bread in olive oil and eat it, then try a veg oil. If you can't tell the diff then go ahead and put the veg oil in your oasta sauce.