diff --git a/modules/product_pricing/commerce_product_pricing.module b/modules/product_pricing/commerce_product_pricing.module
index ba42440..e480e66 100644
--- a/modules/product_pricing/commerce_product_pricing.module
+++ b/modules/product_pricing/commerce_product_pricing.module
@@ -111,53 +111,60 @@ function commerce_product_pricing_commerce_price_field_formatter_prepare_view($e
 function commerce_product_calculate_sell_price($product, $precalc = FALSE) {
   $prices = &drupal_static(__FUNCTION__, array());
 
-  if (isset($prices[$product->product_id])) {
-    return $prices[$product->product_id];
-  }
-
   // First create a pseudo product line item that we will pass to Rules.
   $line_item = commerce_product_line_item_new($product);
 
   // Allow modules to prepare this as necessary.
   drupal_alter('commerce_product_calculate_sell_price_line_item', $line_item);
 
-  // Attempt to fetch a database stored price if specified.
-  if ($precalc) {
-    $module_key = commerce_product_pre_calculation_key();
-
-    $result = db_select('commerce_calculated_price')
-      ->fields('commerce_calculated_price', array('amount', 'currency_code', 'data'))
-      ->condition('module', 'commerce_product_pricing')
-      ->condition('module_key', $module_key)
-      ->condition('entity_type', 'commerce_product')
-      ->condition('entity_id', $product->product_id)
-      ->condition('field_name', 'commerce_price')
-      ->execute()
-      ->fetchObject();
-
-    // If a pre-calculated price was found...
-    if (!empty($result)) {
-      // Wrap the line item and swap in the price.
-      $wrapper = entity_metadata_wrapper('commerce_line_item', $line_item);
-      $wrapper->commerce_unit_price->amount = $result->amount;
-      $wrapper->commerce_unit_price->currency_code = $result->currency_code;
-
-      // Unserialize the saved prices data array and initialize to an empty
-      // array if the column was empty.
-      $result->data = unserialize($result->data);
-      $wrapper->commerce_unit_price->data = !empty($result->data) ? $result->data : array();
-
-      $prices[$product->product_id] = $wrapper->commerce_unit_price->value();
+  // Generate a cache ID based on product ID, line item hash, and precalc.
+  $static_cid = implode(':', array(
+    $product->product_id,
+    md5($line_item),
+    (string) $precalc,
+  ));
+
+  // Check if product price has been cached.
+  if (!isset($prices[$static_cid])) {
+
+    // Attempt to fetch a database stored price if specified.
+    if ($precalc) {
+      $module_key = commerce_product_pre_calculation_key();
+
+      $result = db_select('commerce_calculated_price')
+        ->fields('commerce_calculated_price', array('amount', 'currency_code', 'data'))
+        ->condition('module', 'commerce_product_pricing')
+        ->condition('module_key', $module_key)
+        ->condition('entity_type', 'commerce_product')
+        ->condition('entity_id', $product->product_id)
+        ->condition('field_name', 'commerce_price')
+        ->execute()
+        ->fetchObject();
+
+      // If a pre-calculated price was found...
+      if (!empty($result)) {
+        // Wrap the line item and swap in the price.
+        $wrapper = entity_metadata_wrapper('commerce_line_item', $line_item);
+        $wrapper->commerce_unit_price->amount = $result->amount;
+        $wrapper->commerce_unit_price->currency_code = $result->currency_code;
+
+        // Unserialize the saved prices data array and initialize to an empty
+        // array if the column was empty.
+        $result->data = unserialize($result->data);
+        $wrapper->commerce_unit_price->data = !empty($result->data) ? $result->data : array();
+
+        $prices[$static_cid] = $wrapper->commerce_unit_price->value();
+      }
     }
-  }
-  else {
-    // Pass the line item to Rules.
-    rules_invoke_event('commerce_product_calculate_sell_price', $line_item);
+    else {
+      // Pass the line item to Rules.
+      rules_invoke_event('commerce_product_calculate_sell_price', $line_item);
 
-    $prices[$product->product_id] = entity_metadata_wrapper('commerce_line_item', $line_item)->commerce_unit_price->value();
+      $prices[$static_cid] = entity_metadata_wrapper('commerce_line_item', $line_item)->commerce_unit_price->value();
+    }
   }
 
-  return $prices[$product->product_id];
+  return $prices[$static_cid];
 }
 
 /**