Will Dark Spots from Laser Hair Removal Lighten with Use of Bio Oil or Cocoa Butter?

For the most part, it is a myth that these work to fade dark spots. They do work to moisturize the skin, and healthy skin will return to its normal color faster, but time and sun avoidance is probably the most likely way to fade these dark marks you have gotten after laser hair removal. Trying a hydroquinone bleaching cream SUPERVISED by a board-certified dermatologist is something else to consider. But it may not work, and does have risks of its own.

You most likely have post-inflammatory hyperpigmentation.  Because of your olive complexion you are more prone to this. I do not believe Bio Oil or Cocoa Butter will do much to lighten these areas.  Hopefully they will get better over time. In the meanwhile, you can try using a bleaching cream containing 4% hydroquinone which may be the only thing that will help.  This is a prescription-only cream here in the US.