Most steels should be lubricated at least every 6 months. If you are playing 4 to 5 nights a week, it should be lubricated even more often. Lubricating a pedal steel guitar is a relatively easy process.
Many lubricants come in small containers that can reach into most places on a steel guitar.
Dip the rod in the oil and direct it to the desired area. You can also gently pour the oil down the rod directing it towards the desired area.