Price’s 6-2 victory over the World Darts Championship title holder was Littler’s first defeat since October last year, bringing to an end an incredible 21-match streak.
However, Price lost his subsequent semi-final against Van Gerwen, who then beat compatriot Gian van Veen 8-6 in the final to somewhat make up for his disappointing exit in the fourth round at the recent Worlds.
"I don't have to prove anything to anyone,” Van Gerwen told ITV Sport.
“It's always special because I've never won here but everywhere I go I always want to win.
“I give 100 per cent and of course I had a tough few years but more importantly you have to make sure you keep battling your own battles.
"To come here and win in Bahrain means the world to me. He (Van Veen) is a great talent but I feel old now - I'm only 36."
Another surprising casualty in the quarter-finals was world number two Luke Humphries, who was beaten 6-3 by Nathan Aspinall just weeks after world number 14 Aspinall was left out of the eight-man Premier League Darts lineup.
The 34-year-old would eventually lose his semi-final against Van Veen, who backed up his appearance in the World Darts Championship final earlier this month with another - albeit losing - appearance in a big final.