Although a number of retailers have run price promotions on the PS3, Sony has come out and denied there are any plans to officially cut the price of the hardware. The Japanese manufacturer has been facing increasing calls to cut the price of its console to below £400.

“[Sony] currently doesn’t have any specific plans to cut the Playstation 3’s price,” a spokesperson told CVG this morning. “PS3 price and shipment plans for the future should be determined by market trends and competition.”

The statement follows comments made in yesterday’s Financial Times, in which Sony President Ryoji Chubachi said: “We are re-examining our PS3 budgeting process in terms of pricing and volume. Sales assumptions change and the market is competitive. We are in the midst of revisiting our strategy for the PS3.”