Peter Nicholas Price studied at the University of Southampton and at King's College in London and he worked as a solicitor.
Between July 1979 and July 1994, Price was member of the European Parliament. During that period, he was member and member of the Bureau of the European Democratic Group and of the Group of the European People's Party (Christian-Democratic Group); he was Chair and Vice-Chair of the Committee on Budgetary Control. Price was also part of the Members from the European Parliament to the Joint Assembly of the Agreement between the African, Caribbean and Pacific States and the EEC (ACP-EEC), he was member of the Delegation for relations with Japan, member of the Delegation for relations with the United States, member of the Committee on External Economic Relations, member of the Committee on Budgetary Control, member of the Committee on the Verification of Credentials, member of the Committee on Legal Affairs and Citizens' Rights, member of the Committee on Budgets, member of the Committee on Youth, Culture, Education, Information and Sport, member of the Committee on Energy and Research, member of the Committee on the Rules of Procedure and Petitions, member of the Delegation for relations with Latin-America.
As of 2015 he is a member of the Board of the Wales Audit Office.