Dear Suvendu, Panderm plus cream contains Steroid. if you apply it, initially you may find your skin getting fairer and glowing. However in long term it can result in serious and permanent side effects due to the steroid. It is NOT advisable to use it without a dermatologist s prescription. Also a good dermatologist will never prescribe it in the first place. one major side effect of the cream is that once you stop it, your skin reacts back giving you red rash, so most people tend to restart it ( very similar to a drug addiction). I would suggest you stop the cream immediately and contact a good skin specialist who will suggest the correct treatment for the same. As far as oily skin goes,you cannot get rid of it as it is your natural skin type. Oiliness does tend to reduce spontaneously with increasing age. However if it is worrisome or you are getting acne due to it, your dermatologist may suggest prescription medicine called Isotretinoin for the same after doing necessary blood tests and taking your proper history before starting the drug.