If lubricating it doesn't work, chances are a spring or one of the 20 year old plastic components has broken. You could try to jiggle it and use light pressure to pull it.
It might be best to pull the entire console out of the car to examine it.
I don't know how far you will be able to disassemble it with out breaking more pieces.
I have occasionally seen these consoles advertised on eBay, so you may be able to replace the entire unit.