ultra-low price; extremely low cost
Used in commercial or technical contexts to emphasize a price or cost that is far below normal.
This store sells home appliances at ultra-low prices.
I'm looking for an ultra-low-cost airline ticket.
低価格 simply means 'low price', while 超低価格 emphasizes an extreme degree of cheapness.
格安 also means 'bargain' or 'very cheap', but is more common in everyday speech; 超低価格 is more formal and often used in business or advertising.
Compound of 超 (ultra-) + 低価格 (low price). A straightforward modern coinage.