The dielectric properties of composites of poly(ethylene terephthalate) (PET) with MWCNTs were investigated over a wide frequency and temperature range below and close to the electrical percolation threshold. In composites with 1 wt.% multiwall carbon nanotubes (MWCNT) inclusions, the dielectric properties below room temperature are mostly determined by relaxation, as a consequence of the rotation of PET molecules. In stretched samples, the CNTs are oriented at about 45 deg to the stretch direction. Such deformation increased the potential for molecular rotation. However, annealing after stretching increased homogeneity of the composite and decreased the potential barrier for polymer chain rotation. Electrical conductivity effects and Maxwell-Wagner polarization mostly cause the dielectric properties of the samples with 2% MWCNT inclusions. The potential barrier for carrier tunneling is lowest in the annealed sample.