Heat the oil in a medium saucepan over medium-high heat. Add the spice blend; when the seeds start to crackle and toast, add the cranberries. Stir in the brown sugar, vinegar, ginger and chili powder. Bring to a boil, then reduce to a simmer and cook until the cranberries have softened and the liquid is reduced by half, about 15 minutes.
Season the chutney with salt. Transfer to a bowl and refrigerate until cold, about 1 hour. Serve chilled.
Panch phoron is a mix of cumin, fennel, mustard, nigella and fenugreek seeds. It gives this chutney a unique savory flavor.