Gamers eager to get their hands on Sony’s latest offering may have to pay top wack for the next-gen console for a time to come, as SCEA boss Jack Tretton has warned that it’s going to be hard for the Japanese giant to cut the cost of PS3.

He reports that the machine is expensive to make, and when asked, in an interview with Game Informer magazine, whether PS3 price cuts be will be as soon or as drastic as they were for PS2 Tretton replied, "No ... There's a heck of a lot more under the hood and it costs us more money to make it".

Despite this bad news, there are reports that some Japanese retailers have already slashed 20% off the RRP.

The question remains whether consumers will be willing to part with so much cash when the PS3 is released in Europe in March. Tretton thought they would.

"I think the consumers that get their hands on a PS3 clearly see the value and not only want to buy one for $599, in some instances they're willing to pay ridiculous prices to buy one on eBay", he concluded.

Sales figures don’t support this however, with the console leaving the shelves at an ever slowing rate. To counter this, some shops are said to be reducing the price for the 20GB model from YEN 49,980 (EUR 315) to YEN 39,980 (EUR 253), a reduction of 20%.

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>> Read - Xbox 360 outsells Wii and PS3
>> Link - Official Site/SCEA