Sony announces PS3 price cut

The PS3 with a 60-gigabyte hard drive will sell for US 499, which should assist in doubling sales of Sony’s gaming console. The new 80 GB model will go on sale in August for US 599.

Sony’s Playstation 3 is struggling to keep up with Nintendo’s Wii and Microsoft’s Xbox despite its superior technology, and many believe that lower prices will make it more competitive.

Nintendo’s Wii retails for around half the price of the Playstation 3 while Microsoft’s Xbox 360 Elite is priced at US 479-00.

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Sony announces PS3 price cut