I wouldn't rely on that in cold weather.

It's worth considering cotton balls impregnated with candle wax rather than petroleum jelly. Use wax from good quality candles, not cheap tea-lights. Wax is less messy than jelly.

Whatever you carry, make sure you can make it work when wearing gloves. It's good to have a one-handed solution, too. If you are snowboarding of piste and get into difficulties, it's quite likely to be because you got injured. Hopefully you won't be alone, so it's worth having something that whoever is with you can use. I'm not a fan of Zippo usually, but it seems to fit the bill here.