Fizzy drink contains a new type of oil (6)

I believe the answer is:

canola

'type of oil' is the definition.
(I know that canola is a type of vegetable oil)

'fizzy drink contains a new' is the wordplay.
'fizzy drink' becomes 'cola' (I've seen this before).
'contains' indicates putting letters inside.
'new' becomes 'n' (common abbreviation eg NT for New Testament).
'a'+'n'='an'
'cola' placed around 'an' is 'CANOLA'.

I've seen this clue in the Sydney Morning Herald.

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