Or it is pre 1970 PVC, and you are looking at the 'green gunge of death' as the PVC decomposes. Some cable makers had problems with their choice of plasticiser (some phthalate derivitives), and it leaches over time, and reacts badly with the copper.
The decay is excaerbated by heat. Very mild cases can be wiped of with a cloth and methyleted spirits, and the cable left in service if the insulation resistance remains within acceptable limits.
However, rather like advanced cases of nob-rot beyond a certain point there is no happy cure, and then affected circuits are better treated by replacing the cables.
The other effect that can occur is at higher tempoeratures when the PVC decomposes in such a way as to liberate hydrchloric acid (HCL) In small doses the stabiliser (usually lead or cadmium) will absorb this to form a non-soluble chloride, preserving the insulation even when damp. However, once all the stabiliser has been used up, the resistance of the cable will start to fall. Thus cables that have been overloaded or wrapped round the heating pipes may exhibit this problem first.
Pound to a penny if it is from the green gunge era you have no earthing your lighting circuit either.
From about 1974 onwards the plasticiser problem was recognised, and all makers adopted the more stable formulations. (but the lead is still present, and the plastic will release bothe HCL dioxins if burnt at normal temperatures, so don't burn the old stuff.)