The PlayStation 3 could be in store for a much-needed price cut. After disappointing sales of the powerful console, Sony CEO Howard Stringer has hinted that the price could soon be lowered to boost sales.

In the UK, gamers are asked to pay £100 more for the PS3 than in the US and Japan. So it's hoped by European gamers that the price cut will come to Europe first. However, this seems unlikely as sales have been fairly strong in Europe so far. Whereas Japanese and US sales have been very weak, despite the cheaper retail price.

In an interview with the Financial Times , Stringer said that Sony is "refining" how much it can afford to cut the price of the PlayStation 3. He also said there was "no question" that gamers wanted a price cut.

Stringer also went as far as to praise the Nintendo Wii - the console held partly responsible for the PS3's sluggish start. He said: "Nintendo Wii has been a successful enterprise, and a very good business model, compared with ours, because it's cheaper,"

PlayStation 3 price cut

"The [PS3 price cut] is what we are studying at the moment. That's what we are trying to refine."

Sony is already making a big loss on all the PlayStation 3 consoles it sells. If the retail price is cut, Sony will have to sell significantly more consoles to make it worth while. It'll definitely be a tough balancing act to get the price point right.