SELECT 
  cscart_product_prices.product_id, 
  MIN(
    IF(
      cscart_product_prices.percentage_discount = 0, 
      cscart_product_prices.price, 
      cscart_product_prices.price - (
        cscart_product_prices.price * cscart_product_prices.percentage_discount
      )/ 100
    )
  ) AS price 
FROM 
  cscart_product_prices 
WHERE 
  cscart_product_prices.product_id IN (297) 
  AND cscart_product_prices.lower_limit = 1 
  AND cscart_product_prices.usergroup_id IN (0, 1) 
GROUP BY 
  cscart_product_prices.product_id

Query time 0.00046

JSON explain

{
  "query_block": {
    "select_id": 1,
    "table": {
      "table_name": "cscart_product_prices",
      "access_type": "ref",
      "possible_keys": ["usergroup", "product_id", "lower_limit", "usergroup_id"],
      "key": "usergroup",
      "key_length": "3",
      "used_key_parts": ["product_id"],
      "ref": ["const"],
      "rows": 1,
      "filtered": 100,
      "index_condition": "((cscart_product_prices.lower_limit = 1) and (cscart_product_prices.usergroup_id in (0,1)))"
    }
  }
}