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Peroxide Value. The amount of peroxide (q.v.), expressed in milliequivalents per kilogram (q.v.), that has been formed in fats (q.v.) and oils (q.v.) as a result of oxidation (q.v.) and that is indicative of a potential onset of rancidity (q.v.) development. It is determined by titrating a fat sample with a starch-iodine indicator.