Nah, the oil is to keep it soft. It gets dry very easily. I usually put a little everyday especially when I come in contact with stuff like dust and so on.
I changed my hairstyle so I won't need hair gel, just tieing my hair in the back, using a little bit of spray to keep things in order when I move a lot so I don't get stray hair.
No matter what, it still costs me 40 euros a month for the cuts and trims alone. A bit less now since the new hairstyle and longer beard call for bit less regular maintenance. Every six weeks for hair, every three weeks for beard.
I can't do any lower than that without having a crappy 10 euros cut and 5 euros beard trim from a weird barber. Been there, no thanks :D