Another form that works with Postgres 9.1+ is combining a Common Table Expression with the USING statement for the join.
WITH prod AS (select m_product_id, upc from m_product where upc='7094')
DELETE FROM m_productprice B
USING prod C
WHERE B.m_product_id = C.m_product_id
AND B.m_pricelist_version_id = '1000020';