In the present investigation attempts have been made to develop and evaluate the rust preventive oils to provide temporary corrosion protection of steel structures during transportation as well as agricultural appliances kept idle in the off seasons. For these purposes waste engine oil and used transformer oil were selected, as rust preventive oils, after addition and mixing of some organic inhibitors. For comparison purpose fresh oils and a proprietary oil were also used. The electrochemical method was used to compare the behavior of inhibitors used. Effect of the inhibited as well as uninhibited oils, on rust formation was determined in moistened sulphur dioxide and 10% water mixture of the oils. These tests were performed according to ASTM standard. It was observed that the inhibitor containing heterocyclic secondary amine was more effective in preventing the rust formation and also reduced the corrosion rate in these oils. Studies revealed that used transformer oil inhibited by the organic amino compounds was more effective to reduce the corrosion rate of the mild steel sample