If you take good care of it, you probably shouldn't need to lube the bearings for over 5 years. It's the U-joints and various connectors that start giving you problems.
Whenever you lube it, you should also clean it. Being near the ground, pedals pick up lots of dust, lint, fibers, etc. If you play and move it around a lot, I'd say at least once or twice a year you should clean all the parts with a solvent soak, then oil them with light machine or sewing machine oil.
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