The event at Cathedral Square is one of the most popular events in the city’s calendar, and takes place in November.
March Town Council have already cancelled a public switch on, and other festive events around the country - including the large Hogmanay New Year celebrations in Edinburgh, have also been shelved.
However, Peterborough City Council said a decision had not yet been made.
A spokesman said: “The Christmas Lights Switch-on Event is under active review. No decision has been made at this time.”
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