Yes.
Unless they are specifically designed for it, many micropipettes are not really good for measuring volumes of non-aqueous liquids. Your opening post isn't very descriptive about what you're trying to do (what are you diluting your oil with?), and what kinds of volumes you are working with. You can do your dilutions volumetrically, but this assumes you have confidence in your ability to measure out volumes. A pipette will work if it's designed for your solvent. If it's not, a high quality burette or volumetric flask (or both) is a good way to go.
If you don't have a great way of making accurate volumetric dilutions, you can make your dilution using an (analytical!) balance. The only caveat is that your dilutions will be mass based rather than volume based. If you know the density of the liquids you are working with, you can easily convert to liquid based dilutions. Actually, I do most of my dilutions using a balance because I find it to be easier.
Note that the choice will often come down not just to convenience, but the accuracy and precision needs of your application. If all you are interested in is how your various pipettes are doing, measure out 1 mL, weigh it, and see which one comes closest. This again requires that you know the density, of course. And that your balance is properly calibrated.
(And just to be annoyingly pedantic about it - sorry but I can't help it; I'm a spectroscopist by training - a spectrophotometer measures absorption, not color.)