You may approach a pastor or leader in your local church to pray over and consecrate your oil for you. As a king and priest in Christ (Revelation 1:6), you can also pray over the oil and set it apart to be holy. Here’s a prayer for blessing and sanctifying your oil:
Dear Father in heaven, in and of itself, this bottle of oil is just oil. But I ask You, Father, in the name of the Lord Jesus Christ, anoint this oil I hold in my hands. Anoint it and set it apart for Your holy purposes. Make it holy anointing oil.
Use it for Your glory, Father. According to Your Word in Mark 6:13 and James 5:14, use it to make those on whom it is applied healthy, strong, and youthful, with sickness and disease far from them.
Father, I pray that as this oil is set apart right now for holy and consecrated purposes, may it bring down Your glory, and bring down Your miracles. Wherever it is laid, may it turn darkness into light. May it turn lack into abundance. May it turn sickness into healing. May there be wonderful restoration and fruitfulness.
Father, I thank You that this bottle of oil is now holy anointing oil. In the name of Jesus I pray, Amen.