Do you always use face lotion?

When I buy or receive cosmetics as a gift, they always tend to come in sets like this.

Lately, I've been constantly wondering if I really need to use face lotion. Applying it does make my skin feel moisturized, but I'm curious if I absolutely have to use it every day, or if it's okay to skip it depending on my skin condition. In particular, I want to know if using face lotion differs depending on whether you have dry or oily skin, and I'm also curious about what effect not applying it might have on my skin.