Amazon has slashed the price on its 8.9-inch Kindle Fire HD, dropping $30 and $50 off the Wi-Fi and 4G LTE versions, respectively.

With the new discounts, the price tag for the Wi-Fi model is now $269 instead of $299, and the 4G LTE version of the tablet now costs $449 instead of $499.

The discounts are part of Amazon's Valentine's Day promotion for the 8.9-inch Kindle Fire HD, and are available this week only. To receive the discount, buyers can enter the promotional code "FIRELOVE" at checkout until Feb. 8 when the promotion ends. Buyers can purchase only one tablet at a discount.

As the promotion comes shortly before the love (read that as shopping) craze surrounding Valentine's Day, Amazon insisted that a Kindle Fire HD would make a perfect gift for that special someone. The retail giant further highlighted how romantic and heartwarming it would be to Skype with the Kindle Fire HD's front-facing camera, or even offering a romantic novel or album via the Kindle Store.

While stressing on the multitude fun and romantic activities lovers can engage in with a 8.9 Kindle Fire HD, Amazon is aware that not everyone has a better half this time of the year. Not to worry, the company assures that its tablet is perfectly suitable for single people as well. In fact, Amazon even goes as far as to suggest reading some spicy chapters of "50 Shades," only to prove that singles can still have "romantic" fun with the 8.9-inch Kindle Fire HD.

In early January, Amazon dropped $50 off the price of the 8.9-inch Kindle Fire HD as part of an exclusive deal for Amazon Student members with a Prime account. All other Amazon Kindle e-readers, however, remain at full price, including the Paperwhite and Paperwhite 3G.

Meanwhile, the 7-inch Fire HD with Wi-Fi, HD audio, and 16GB/ 32GB of storage starts at $199. The original Kindle Fire now sports a $159 price tag, and packs new features such as X-Ray Whispersync for Voice. Moreover, Amazon's revamped Kindle e-reader now touts 15 percent faster page turns and darker fonts, and comes with an attractive $69 price tag.

It's a highly competitive tablet market, but Amazon seems to know its way around the business and how to entice potential buyers.