Lubricating will only make it worse.
The idea is to keep the area as dry as possible. That ring is made of Delrin, which is a polymer containing Teflon. When the machine is assembled, the factory sprinkles a handful of corn starch around the base where the snubber ring sits to maintain dryness. That is the only lubricant needed after the snubber is replaced. Nothing short of a new ring will help.