There is provided a petrolatum substitute. The petrolatum substitute preparation comprises 1-20 wt % of at least one oil thickening agent, 7-40 wt % of at least one structuring agent, 0.5-10 wt % of at least one phytosterol or ester thereof, and 30-92 wt % of at least one emollient, wherein the preparation has a melting point of 35° C. or more. The petrolatum substitute preparation can be used in essentially all applications where petrolatum is used today. The substitute can be made renewable and the use of over-exploited natural products is minimized. The preparation is less irritant and has excellent moisture barrier properties when applied to human skin. Further it is less energy consuming to manufacture.