No. Just about every oily, fatty or waxy thing you can think of is made of carbon-based oil, and that's the problem. The exception is silicone-based things. You could rub silicone lube on your lips and it might help a little, but I don't see it being very effective. I think there are silicone greases for lubricating machinery which you could try if you're desperate!
Otherwise, use a new condom for PIV. It's always recommended although I have to admit I usually don't.