In this article, our experimental study of the dynamic dielectric behaviour of transformer oil-based ferrofluid with magnetite nanoparticles is presented. Frequency-dependent dielectric permittivity and dissipation factor were measured within the frequency range from 20 Hz to 2 MHz by a capacitance method. The ferrofluid samples were placed in a liquid crystal cell, and experiments were carried out in an electromagnetically anechoic chamber. Two polarization processes and corresponding relaxations were revealed within the applied frequency range. Schwarz theory of electric double layer polarization is used to explain the low frequency relaxation maximum. Moreover, the shift of the maximum position towards higher frequencies is observed as the magnetic volume fraction in the ferrofluid increases. The related decrease in relaxation time due to higher counterion mobility is analysed. Reduced electric field intensity due to depolarization field, which is dependent on the particle concentration, is proposed as the reason for the maxima shift. This assumption is wholly supported by a complementary experiment.