Yes! While most jacks have a rust-resistant finish, it is recommended that you use lubricants regularly. Using lubricants keeps off any binding. Moreover, oils make the ratcheting mechanism move smoothly.
When you think that you need to lube the ratcheting mechanism device, make sure to use a light oil. Alternatively, use a silicone lubricant. Lube all movable parts including springs, pins, the bar, and shear bolt for devices.