In the Virto Commerce Manager, a price list is a set of pricing details that can be assigned to items. All prices are stored in a price list, which is associated with a catalog and a currency. The item (SKU) code links the price in a selected price list to the item inside catalog. Moreover it is possible to configure prices for an item in it's details view directly.
When a customer views an item in the storefront, applied pricing settings are showcased as item's price.