Japan-based electronic giant Sony has revealed that the company will slash down the price of its PlayStation 3 console in August during Europe’s largest gaming fair Gamescon.

Retailers, reportedly, will expect a cut in the price of the device. The price cut could see the cost of PlayStation 3 fall down to £199.99 ($319). It is still uncertain if the fall in prices will only be for Europe or will also be brought down globally.

Previously, the company had also announced the launch of PlayStation 3 Slim in August 2009. The current cheapest PlayStation 3 is a 160GB one which is available in the US for $299.99.

The possible price cut could also see a further fall in price of the PS3 to £179.99 ($287). Microsoft was previously reported to cut down the price of Xbox 360 and the cheapest Xbox now available is worth $199.99. Nintendo followed the same with its Wii and made a $50 price cut, and it now costs $149.99.

Gamescon will be held from August 17 to 21 in Cologne, Germany this year, 1UP.COM reported.