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Hi @Abhi352,
Whether you use an oil and stain combo or purely a stain, it's typically a yearly coating that is needed. You could expect to apply two coats per year in extreme exposure cases.
If you can tell our helpful members a little more about your experience and your expectations, then that will assist them in making informed suggestions. Did you use an oil and stain combo or just the natural decking oil? If you've felt the colour faded too quickly from using just the straight oil, then the oil and stain combo would work better as it includes additional colour pigments. However, if the deck dried out and appeared unnourished too quickly, that's an indication that you need to apply the oil twice yearly and switching to a stain will not solve that issue.
Applying a stain instead of an oil has the same preparation process. You must clean the deck with a product like Cabot's 4L Deck Clean and a stiff bristle brush to remove contaminants before staining.
Please let me know if you have any questions.
Mitchell
Afternoon @Abhi352
I have just sanded back my hardwood deck that was last oiled a decade ago. I have re-oiled it with cabots natural oil (almost put down the merabu coloured oil 
The timber was grey to start with, once sanded it came back to a yellow gum look tho once I oiled it the timber darkened considerbily. I expected it to do that and was still surprised. It has lightened somewhat over the week as it has soaked in (even in the rain)
The question I have is how "grey" is your timber? If its grey the oil will protect it but not particulary colour it, if you want colour then I would follow @MitchellMc's recomendation for sure.
Will try and post the project this arvo (just depends on work 
Dave
