Similar to the oil of etherealness [...], this liquid is to be applied externally. 

This application makes it impossible for the individual to be grabbed or grasped/hugged by any opponent or constricted by snakes or tentacles. 

(Note that a roper could still inflict weakness, but that the monster’s tentacles could not entwine the opponent coated with oil of slipperiness.) 

In addition, such obstructions as webs, magical or otherwise, will not affect an anointed individual; and bonds such as ropes, manacles, and chains can be slipped free. 

Magical ropes and the like are not effective against this oil. 

If poured on a floor or on steps there is a 95% chance/round that creatures standing on the surface will slip and fall. 

The oil lasts 8 hours to wear off normally, or it can be wiped off with an alcohol solution (such as wine).