Depends on what your are trying to accomplish. I looked up your model of guitar real quick and it seems to be a solid paint finish, rosewood fretboard, and maple neck. So the only part of that guitar that needs treatment is the fretboard. I would not use the oil you are asking about as that is mainly used to put a finish on raw woods. What you want for a rosewood fretboard is lemon oil, bore oil, or I use an orange oil. you only want to use light coats and wipe of the excess after the board drinks in what it needs. You can get the dunlop stuff, but that is basically overpriced lemon oil. Beeswax is another great thing to use on the fretboard.
Last edited by Fastmerc at Apr 9, 2014,
Quote by UltimateRime

I have this oil for wood and I'm unsure whether I can use this on my Ibanez GRG170X for polishing.

Absolutely not.

This is essentially a wiping varnish, and it's designed to go onto bare wood as a finish, like lacquer. It's designed to polymerize inside the wood and produce a hard finish. What it will produce on your already-finished guitar is a sticky mess.
If you're going to polish your guitar (the finished part), I usually recommend a carnauba wax. If you like, you can use something like Meguiar's Cleaner Wax in the burgundy bottle: http://www.walmart.com/ip/Meguiar-s-Cleaner-Wax-Liquid/871743 It will help protect the metal bits, too.

For your fretboard, ordinary mineral oil is probably the cheapest and the best. Wipe it on, wait a minute or two, wipe it off. Do Not Let It Soak In for a long period of time.

Lemon oil is usually mineral oil that contains some cleaning solvents. There's often no lemon in it at all, actually, but it will also work fine. Steer well clear of rosewood oil (it's used in aromatherapy) and real lemon oil (used in cooking).

Don't use linseed oil, flax oil, Tru-Oil, raw tung oil or Tung Oil Finish -- these are, like the finishing oil in your original post, for wood finishing and not for already finished guitars.
Yeah. What part of the guitar are you polishing again?

Fretboards: Dunlop 65 as mentioned above. Clears all gunk off and makes it look like new. For rosewood, NOT maple. Not sure if it's okay for ebony.

If you want to polish the guitar's finished body or something just use a damp rag. Or purchase a specialized guitar cleaner spray.

Seriously though, I cannot recommend Dunlop 65 enough. It's cheap as chips and very easy to use. I bought a bottle very recently and have used it once only. I was very happy with the results.