Disclosed herein is a lubricant composition comprising soybean oil; and molybdenum disulfide; the molybdenum disulfide being dispersed in the soybean oil. Disclosed herein too is a method comprising agitating molybdenum disulfide with soybean oil in a reactor; the mixing being conducted in the presence of a magnetic field that is greater than the earth's field and an electrical field. Disclosed herein too is a coolant composition comprising water; soap and/or a surfactant; and a lubricant composition; the lubricant composition comprising soybean oil and molybdenum disulfide. Disclosed herein too is a method of manufacturing a coolant composition comprising mixing a lubricant composition, water and soap; the lubricant composition comprising a base oil and a metal sulfide.