A lock lubricant is a product designed for the inside of lock cylinders and locking mechanisms, which reduces friction without leaving a sticky residue. They are usually dry, based on graphite or PTFE, or specific sprays that evaporate and leave a thin film.
It helps the key go in smoothly, protects the springs from damp and extends the life of the cylinder, above all in areas with salt air.
What you should not use is cooking oil, machine oil or thick grease: they help at first and then trap dust and sand until the mechanism seizes. Nor should you go overboard squirting general-purpose spray oils into it. More under lock repair.