In trading Ethereum tokens, “Gas Price” refers to the tiny denominations of ETH attached to each unit which are nicknamed Gwei. 

The Gas Price is needed upon the usage of Ethereum when there are a lot of people involved in it. Such is the case when the crypto trader would need to pay his or her miner to do the work first. The gas Price acts like a bribe used to jump the front of the line. The logic being, if a trader sets his or her price to 0, it is highly likely to be stuck at the back.

As already mentioned, the Gas Price, when multiplied by the Gas Limit will render the entire transaction cost. ETH traders must note that this keeps transactions from costing too much through the separation of the transaction cost and the cost of ETH.