Lipid peroxidation is a major cause of quality losses in oils during storage. To get rid of this problem antioxidant addition has been in practice. In recent days, awareness about the toxic effects of synthetic antioxidants, has led to the need of identifying natural antioxidants. This work focuses on whether tocotrienol rich fraction, prepared from crude rice bran oil, possesses antioxidant potential strong enough to minimize lipid peroxidation in oil. Lipid peroxidation was studied in groundnut oil stored, under accelerated oxidation conditions, like exposure to elevated temperature of 60°C, aerial oxygen and to UV radiation. The parameters measured were acid value, iodine value, peroxide value and TBARS value. TRF quenches the free radicals and lowers acid value, peroxide value, TBARS value and raises the iodine value. It has been found that the enhancement in the rate of peroxidation under accelerated oxidation conditions could be retarded by addition of natural antioxidant rich TRF. TRF increases the shelf life of themustard oil by decelerating the process of lipid peroxidation.