Generally consecration oil is used as-is, stand alone, to set a seal on an object. The herbs it's made with assist in the intent to consecrate an item for sacred use. Don't over think the process
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Using the oil wouldn't replace the intent of consecration, but would assist the act. I'd assume it smells pleasant to attract the god-spirit, if you were to think of it primitively.
The way i understand the use of oils, is that they hold the psychic energy of the crafter's intention to a non-living object. The energy we produce when we charge an item is a life force, and is attracted to living substances (like olive oil or honey). Like attracts like.
You wouldn't consecrate other oils as each oil serves to aid just the purpose it was made for. You can use the oil alone or with a ritual, or do both, but any way you still need the intent.
Consecrating means we are putting a seal on a thing that sets the thing aside for holy use, and no longer for mundane use. We hence forth recognize the thing as being fit to be in the presence of deity.
We would consecrate ourselves to invoke deity, to in fact invite Deity to over lay us with Their presence. This is in fact what occurs during invocation such as Drawing Down the Moon, when the priestess channels the Goddess.