Industry experts and publishers are expecting Japanese electronics & entertainment giant Sony to hack the price of the PlayStation 3 this August to make it more competitive.

According to a report published by MCV, trade insiders are expecting Sony to bring the PS3 price down to £199.99 (app. $319). The official announcement about the price hack might come at Gamescom in August.

Speaking on the topic, Analyst Nick Parker said, "£199.99 makes sense as it keeps Sony's options open for another drop, but they could be more aggressive."

The rumored price hack is expected to provide a boost to sales of the PS3, which the Japanese manufacturer insists will survive its projected life span of ten years.

It will not be illogical for Sony to hack the price of the PS3 as rivals have already started lowering the prices of their games consoles.

Nintendo recently cut the RRP of its Wii, allowing some retailers to offer the popular games console for under £100. The price of the Wii could be lowered even further before the release of the Wii U.