Sony has already cut the price of the PSP in the US and this week introduced lower prices across the European territories of €169.99 (A$276).
The cut is effective from the end of April and will be rolled out to all territories by the end of May.
In addition, five new Platinum game titles - Ridge Racer 2, Tekken, Killzone, Loco Roco and Moto GP - will be launched at the lower price of €19.99 (A$32.71).
"The combined reductions will unleash PSP, making it a 'must have' portable system for all entertainment enthusiasts, allowing them to enjoy the breadth and depth of entertainment opportunities available from PSP," said Stephane Hareau, PSP marketing manager for Europe.
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