The 'Iceman' beat Chris Dobey and Rob Cross on his way to the finale with 'Cool Hand' Luke at the M&S Arena on the Liverpool waterfront.
Fans were in a typically raucous mood, dressed up as all sorts, ranging from The Beatles, Minions and Colonel Sanders accompanying a gang of chickens.
Speaking after his triumph in Merseyside, Price said his first win of the night allowed him to settle and enjoy himself.
"I was under pressure to win my first game and get some vital points on the board," he told Sky Sports.
"I thought I played well in that first game, but that allowed me to settle down and (I) enjoyed myself a little bit."
Price continued: "I thought I was unlucky to be behind against Luke Humphries; I thought I was playing better than him but it was a cracking game.
"I knew I was throwing well so I just said 'keep playing as I am and I know the chances will come'. Don't get me wrong, the crowd were behind me a little bit today and put Luke off - but I've had that against me plenty of times. I'm happy with that."
Price is now on 20 points in third - with Littler leading the way on 30 and Humphries in second on 26.
Night 13 of the Premier League will take place in Birmingham on Thursday, the 1st of May.
Catch up on the night's action below:
Humphries gets things going
Luke Humphries and Nathan Aspinall, who was nursing a mild shoulder injury, got the evening underway in Liverpool with a fast pace, rushing through the first three legs in five minutes which 'Cool Hand' led 2-1.
Humphries, who looked to be in the mood, was put through his paces by 'the Asp' as he got up to speed. From 3-3, 'Cool Hand' grew into the match and romped to a good-value 6-3 win.
Van Gerwen overturns Littler
Michael van Gerwen, feeling confident after his triumph in Germany and tipped to win the night by some pundits, took on Premier League leader and self-proclaimed "pantomime villain in Liverpool" Luke Littler.
In the blink of an eye, 'The Nuke' found himself 4-0 up, averaging an astounding 105, but Van Gerwen prevented what looked like a potential whitewash by taking the fifth leg to bring it back: 4-1.
Van Gerwen clawed it all the way back to 4-3, before Little claimed the eighth leg with an astonishing 160 finish as he shushed the home crowd who were giving him a tough time.
But then 'The Nuke' dropped two match darts, which allowed 'Mighty Mike' to take another leg - before the Dutchman levelled things up at 5-5. Littler then missed a few more key throws as Van Gerwen completed a staggering comeback to win 6-5.
Cross crushes Bunting hopes
Home fan favourite Stephen Bunting then faced-off against Rob Cross, with the Kent native taking the first leg to silence the crowd.
'Voltage' took a dominant 2-0 lead over 'The Bullet', who showed a flash of his class by hitting the match's only 180 up to that point.
Bunting then got on the board, taking the third leg after Cross ran into a bit of trouble.
'The Bullet' then dropped two darts, which gave 'Voltage' a chance to go 3-1 up. He took that chance, before pulling away to claim a comprehensive 6-1 win to extend his impressive personal record over Bunting.
180s galore as Price stuns Dobey
To finish the night's quarters, Welsh star Gerwyn Price took on night winner in Rotterdam Chris Dobey in a match that featured nine 180s.
'Hollywood' took the first leg before the 'Iceman' levelled things up after kicking off the second leg with a 180 throw, eventually leading 3-1, with both players averaging over 107.
Dobey brought it back to 3-2 before Price began to pull away at 4-2, with the crowd enjoying the entertaining darts on show.
Price then took the final two legs to win the match 6-2 and book a semi-final clash with Cross.
Humphries defeats Van Gerwen
The first semi-final of the night was hotly contested by Humphries and Van Gerwen; the latter of whom had seemingly won over the home crowd after his impressive comeback against Littler.
'Cool Hand' took the first two legs as 'Mighty Mike' began to show that he perhaps hadn't fully recovered from the early stumble he took against Littler.
Van Gerwen claimed the third leg after both players missed a handful of opportunities each to win it, which gave him the confidence to then pull level at 2-2.
'Cool Hand' Luke then lived up to his nickname by keeping his composure to take advantage of Mike missing a checkout to lead 3-2, before he quickly extended that to 5-2 following multiple missed darts.
Van Gerwen, throwing impressively - but inconsistently - and averaging over 102, then took the eighth leg to keep the match alive at 5-3.
'Mighty Mike' threatened another comeback at 5-4, but Humphries, who scuppered a number of chances to take the win overall, eventually made good where Littler faulted - to win his sixth leg and the match to book his place in the final.
Price produces sparks to reach final
Price, who looked to be in fine form after his victory in the quarters, thundered to a 2-0 lead over Cross in a rush.
The Welshman scuffed a solid chance to go three up, but 'Voltage' held his nerve to take advantage and bring the match to life at 2-1.
But then Price immediately jumped back on the horse to go 3-1 up, and then 4-1, to put some fresh air between himself and 'Voltage'.
Hitting a three-dart average of a little over 108, the 'Iceman' extended his lead to 5-1 before Cross was able to keep the semi alive at 5-2 with a finish at tops.
Cross, who left himself too much to do, conceded the eighth and final leg - seeing Price reach the final with a comprehensive 6-2 victory.
Price topples Humphries to win the night
Price started the final strong, continuing his fine form throughout the night, to take the first leg.
Humphries, perhaps spurred on after dropping the first leg to the Welshman, was clinical with a double-19 checkout to claim the second leg: 1-1.
The 'Iceman' didn't make it easy for 'Cold Hand', but that didn't matter much to the world number one who repeated the double-19 checkout to lead 2-1 after three legs.
Price missed several darts, but then Humphries failed to snatch the win in the fourth - which was then lapped up by the Welshman to level the final at 2-2.
The duo then looked like men possessed in the fifth leg, which was eventually won by Humphries - with both players shaking their heads after it was clinched: 3-2.
Price then pulled off some incredible darts to level things up against at 3-3, with an upset clearly on the cards.
Another set of errors by Humphries afforded Price an opportunity to go 4-3 - and he took it well to lead the final for the first time.
Price, playing with confidence, then went 5-3 up as the world number one looked to be on the ropes - but 'Cool Hand' brought it back: 5-4 to the 'Iceman'.
Price then claimed the win with tops to take the night: 6-4.
Results
Quarter-finals
Luke Humphries 6-3 Nathan Aspinall
Michael van Gerwen 6-5 Luke Littler
Semi-finals
Luke Humphries 6-4 Michael van Gerwen
Final
Luke Humphries 4-6 Gerwyn Price
