Intel has introduced its fastest processor to date at an unusually low cost. The 1.7GHz Pentium 4 debuted Monday, putting pressure on rival Advanced Micro Devices (AMD) to match the speed and the price tag. The chip-making giant said the low price of the 1.7GHZ Pentium 4 is a result of production savings. When purchased in bulk, the processor will sell for $352 says the company. By comparison, when Intel unveiled its 1.1GHz Pentium III last July, it carried a large price tag of $990. Intel also plan to cut the price of its slower Pentium 4 processors next week. The 1.5GHz model, which was launched in November last year for $637, will sell for $256. The 1.3GHz processor, which was originally priced at $332, will cost $193. Rival AMD's fastest Athlon processor runs at 1.33GHz and sells for $319. According to a company spokesperson, AMD has no plans to lower the price of its processors.