Date is right, but that's not Vincent Price. However, there is a glimpse (as the straw is being lit) of Victor Mature. I believe that makes this the movie "Zarak" (1956), and the girl tied to the stake is Anita Ekberg. The person mistaken for Vincent Price is likely German actor Frederick Valk (who died shortly after the film was made).
Looking at the cast list of The Bandit of Zhobe, I think the chief villain is Walter Gotell (another German -- in the post-war era Germans were cast as villains even when it's ethnically absurd), and his henchman is Paul Stassino. Both of them later to be regularly cast as villains in Broccoli's Bond movies.
I have found a full version of the movie online and in English (at vk.com), but it's even lower quality than the clip I've posted. There are heavy edits in the clip, cutting out Mature's elaborate escape operation going on in parallel with the burning. Good thing too, as the escape and rescue is logistically absolutely ludicrous.