The present invention relates to developing an eco-friendly and biodegradable mineral oil-free lubricant formulation useful for lubrication of chronometers and other delicate precision components of micro electro-mechanical system-based devices. The bio lubricant formulations have good potential for use as Precision Instrument oils as per (BIS: 1088-2014) specifications. Developed new generation lubricant formulations can be collectively applied as lubricants for aircraft components including precision instruments, delicate bearings, gauges, meters, and clocks.