How can I update the price of the Magento product programmatically
You need to load product object by ID first and then call “setPrice” method to change the Magento product price programmatically.
$store_id = 1;
$productId = 1;
$newprice = 1.00;
$product = Mage::getModel('catalog/product')->setStoreId($store_id)->load($productId);
$product->setPrice($newprice );
$product->save();