I can't see how it would do any harm however you might want to take other things into account. I've used light machine oil (ie sewing machine oil) in the past which works fine but does turn into a black shitty mess.
Other options may be:
While you're at it you could oil all the hinges in yr house and maybe use some to reduce nipple chafing.
It's probably a bit flammable and poisonous for cooking.
Put it in an ornamental glass bottle with some lemon slices and whole chilli's in it on the mantlepiece as a talking point.
Sell it to a body builder to smear them selves up with.
sorry 😀