The story may have been different if the price of the PS3 was closer in line to the Xbox 360, but Microsoft obviously feel they don't need to lower the price of their next-gen console.

Speaking in an interview with MCV, Chris Lewis, vice president for Microsoft said, "We have no plans to make any price adjustment. The last couple of days have reinforced the fact that we have a great value proposition, giving consumers choice, thanks to the core system. We’re not forcing the consumer down a route with HD playback. We certainly don’t think it’s necessary to make any changes to the current price point."

This contradicts the whispers that we've heard suggesting that there will be a price cut in October, but hey, this is the official word!

Source: MCV