Most of you have been hearing the rumors of a PlayStation 3 price cut ever since E3 2009 took place but it’s only now at the Gamescom being held in Germany did Sony come out and actually announce it.

Starting today PlayStation 3s all over America will be sold for $299 which roughly translates to Rs. 14,500. As of now the PlayStation 3 is being sold in India for Rs. 25,000. It remains to be seen how this price cut affects the Indian market but we’ll keep you posted as soon as we can speak to Sony first thing tomorrow morning.