Nicky Morgan, economic secretary to the Treasury, said she would look at the idea in the run up to March's Budget.
Her comment came as MPs pressed the issue during a debate in Westminster Hall.
Liberal Democrat, Labour and SNP MPs are calling for the Coalition to scrap a duty "escalator" on whisky.
They argue that the move would boost exports and increase jobs.
The 'escalator', which has been in place since 2008, automatically increases duty 2% above inflation.
A similar escalator on beer was abolished by the Coalition Government last year.