Analyst firm Strategy Analytics said Sony is "nervous" in the wake of Microsoft's Xbox 360 price cuts in Europe.
"Sony will be nervous that the PS3's recent sales surge may fizzle out now that the premium Xbox 360 undercuts the PS3 by GBP 40, and the cheapest Xbox model is almost half the price of the PS3," said principle analyst David Mercer.
Microsoft made the move ahead of Easter and the release of Grand Theft Auto IV, cutting the price of all three iterations of the 360, with the cheapest version now undercutting the Nintendo Wii's pricepoint.
Mercer said Sony will nonetheless hold off on any price cuts for now.
"Sony will be scrutinizing the daily sales reports, but will probably try to hold out until later in the year before making its next price move," he said.
The company's console has done relatively well in Europe and was expected by analysts to benefit from the victory of the BluRay format.