Kingfish
Many a decent takcle store sell's reel oil/s, I prefer the Redish Hot Sauce, as it tends to bind to the metal parts and therefor create a thin film of lubrication. Hot Sauce is made by Quantum and is slightly expensive about R80 for 20ml, but the stuff really works very well, also you don't need alot of it to have the reel properly oiled.
I normally just put it on all the moving parts, gears, winch/reel arm and the rest of the links that move the rest or other linkages of the reel.
I am yet to find a grease that will do the job on the gears like the hot sauce.
:f1shy