Having two prices on one item is asking for trouble. Even if it is clear your intent, people will have problems.
This happens a lot. A typical example might be a sale item. After the sale, the retailer puts a new price on top of the sale price, but the sale price is still visible.
One client of mine got into an argument over this when a customer demanded a lower price claiming that she must sell the item at the lower price by law. She replied coldly, " I do not have to sell you the item at all." The customer stopped arguing but did not buy, so who won that argument? To me, it was an unnecessary argument.
This started a discussion and some research. As far as we understand the law, it depends on your terms and conditions; if they are not displayed, then there might be problems. It should state that you can cancel orders and withdraw products because of pricing errors. Also, you need to consider if it goes further is whether it was not an error rather than an attempt to deceive. In this case, this practice can lead you into a lot of trouble unnecessary.
Take the old price label off.