An oil collector for a guide rail, its use and a method for collecting lubricating oil from a guide rail are disclosed. The oil collector includes a receiving element for receiving the lubricating oil flowing along the guide rail, the receiving element including a portion formed to be set against the guide rail. The oil collector is wherein the receiving element includes a block of absorbent material absorbing the lubricating oil. The oil collector can further include a releasable fastening member for pressing the block of absorbent material against the guide rail thereby securing the block of absorbent material in place.