Price, winner of the title in 1990, won the opening two sets comfortably, losing just three ends in the process as he claimed the first 7-1 and the second 7-3.
Foster, who won the Scottish junior singles title on Sunday, was able to build a 6-1 lead after just four ends of the third set. However, the 23-year-old Scot saw his hopes of extending the match disappear when Price recorded a double on the fifth end and then added a maximum four on the next to take the set 7-6.
Australia's Ian Schuback produced a typically gritty performance to beat the former Scottish champion, David Peacock, in straight sets and move through to the last 16.
Schuback, the 1992 winner, dominated the opening set, winning it 7-2 in six ends, but had to come from behind in the next two.
Peacock saw a 4-0 lead disappear in the second as Schuback hit back to win 7-5. The Scot then saw his 6-3 advantage in the third eaten into by Schuback, who finished with a burst of one, one and two to take the set 7-6 and the match.Reuse content