All our rings are nonzero, commutative and unital. Given a ring $R$ and an element $p\in R^*$, let
$$\begin{align*} A_p=&\,\{(p-1)r+1\colon\ r\in R\};\\ B_p=&\,\{p^j\colon\ j\in\mathbb{Z}\}. \end{align*}$$
For $r\in R$ and $n\in\mathbb{N}$, let
$$w_n(r)=1+r+\cdots+r^{n-1},$$
so that
$$\begin{equation}\begin{aligned} (p-1)\cdot w_n(p)+1=&\,p^n;\\ (p-1)\cdot [-p^{-n}w_n(p)]+1=&\,p^{-n}. \end{aligned}\end{equation}\tag{$\ast$}\label{wn}$$
This shows that the inclusion $A_p\supseteq B_p$ always holds.
QUESTION: Does there exist a ring $R$ containing an invertible element $p$ such that $A_p=B_p?$
If we allow $p-1$ to be a zerodivisor, the answer is affirmative: take $p=1$, for example. For a nontrivial example, consider $R=\mathbb{Z}[t]/I$, being $I=\langle 2(t-1),t^{2}-1\rangle$, and take $p=\overline t$: it can be easily verified that $A_p=B_p=\{1,p\}$ in this case. I think that similar examples can be constructed with the element $p$ having any prescribed finite multiplicative order, but I am not interested on these.
MINOR QUESTION: Can $p$ be taken with infinite multiplicative order (and such that $p-1$ is a zerodivisor)?
The real challenge rises when we impose the additional condition "$p-1$ is regular".
My thoughts so far:
Let $R$ be a ring containing an element $p\in R^*$ with $p-1$ regular such that $A_p=B_p$.
1. $p-1$ cannot be invertible: otherwise we would have $(p-1)\cdot[-(p-1)^{-1}]+1=0\in A_p$, and clearly $0\notin B_p$.
2. $R$ must be infinite (regular elements in finite rings are always invertible).
3. $p$ has infinite multiplicative order: in fact, the ring $R$ is equipotent with the set $A_p$, via the map $r\mapsto (p-1)r+1$ (which is injective by regularity of $p-1$). Therefore $B_p=A_p$ is infinite by 2.
4. $R=\{w_n(p)\colon\ n\geq 0\}\cup\{-p^{-n}w_n(p)\colon\ n\geq 0\}.$
In fact, if $r\in R$, then $(p-1)r+1=p^j$ for some $j\in\mathbb{Z}$. Using the regularity of $p-1$ together with \eqref{wn} we obtain the desired result.
From now on, let $q=p^{-1}$. Then for all $n\geq1$ we have
$$-p^{-n}w_n(p)=-qp^{1-n}(p^{n-1}+p^{n-2}+\cdots+p+1)=-qw_n(q),$$
and therefore
5. $R=\{w_n(p)\colon\ n\geq0\}\cup\{-qw_n(q)\colon\ n\geq0\}.$
6. We also have
$$R=\{w_n(q)\colon\ n\geq0\}\cup\{-pw_n(p)\colon\ n\geq0\},$$
which shows the (expected) symmetry between $p$ and $q$ in the problem. This follows immediately from 5, together with the equality $R=-pR$.
We have $p\in R$, hence for some $j\geq 0$ we have $p=w_j(p)$ or $p=-qw_j(q)$.
7. If $p=w_j(p)$, then $j\geq 4$. In fact:
- $j=0\implies p=w_0(p)=0$, which is absurd;
- $j=1\implies p=w_1(p)=1$, which is absurd by 3 (or, more elementarily, because $p-1$ is regular, hence nonzero);
- $j=2\implies p=w_2(p)=1+p\implies 0=1$, which is absurd;
- $j=3\implies p=w_3(p)=1+p+p^2\implies p^2=-1\implies p^4=1$, which is absurd by 3.
8. If $p=-qw_j(q)$, then $q=w_{j+2}(q)$. In fact, we have $w_{j+2}(q)=1+q+q^2w_j(q)$, so $p=-qw_j(q)$ implies
$$w_{j+2}(q)=1+q-q[-qw_j(q)]=1+q-qp=q.$$
As a consequence, by changing $p$ by $q$ if necessary (item 6), we may assume that
$$p=w_j(p),\ \style{font-family:inherit;}{\text{for some}}\ j\geq 4$$
(by item 7).
9. $R$ is finitely generated, as $\mathbb{Z}$-module, by $\{1,p,\ldots,p^{j-2}\}$. In fact, by 5 we have $R=\mathbb{Z}[p,q]$, and from the equality $p=1+p+p^2+\cdots+p^{j-1}$ we get $1=-p^2w_{j-2}(p)$, which shows that $q=p^{-1}=-pw_{j-2}(p)\in\mathbb{Z}[p]$. Therefore $R=\mathbb{Z}[p]$, and the basics of the theory of integral dependence show that $R=\sum_{i=0}^{j-2}\mathbb{Z}p^i$ in this case.
10. $\operatorname{char}(R)=0$: in fact, if $\operatorname{char}(R)=m>0$, then 9 would imply that $R$ is a finitely generated $\dfrac{\mathbb{Z}}{m\mathbb{Z}}$-module, hence a finite ring, contradicting 2.
Well... I am stuck at this point. I believe that no such ring $R$ exists. Any help will be appreciated.
We will first prove that
1) Some power of $p$ is an integer or the inverse of an integer and therefore 2) some integer $K+1$ is a unit
Then we will possibly modify this integer to prove that some integer is $0$ in $R$, which will end the argument, after a short reflection.
As $q\in \mathbb{Z}[p]$, as you observed, $R$ is a quotient of $\mathbb{Z}[x]$ by an ideal $I$, with $p$ corresponding to $x$. As $x$ is invertible in this quotient, some element of the form $xf-1$ lies in $I$ and therefore $R$ is a finite module over $\mathbb{Z}$, as you observed. Now, if you take its total quotient (tensor with $\mathbb{Q}$), you get a finite-dimensional vector space $R_0$ over $\mathbb{Q}$. It is a quotient of $\mathbb{Q}[x]$ by the ideal corresponding with $I$.
If $(p-1)$ is regular, multiplication by it is injective. This can be seen as a $\mathbb{Q}$-linear endomorphism of $R_0$. Since it is injective (and $R_0$ is a finite-dimensional vector space), it is surjective too and $1$ belongs to its image. Therefore, there exists a polynomial $h\in \mathbb{Q}[x]$ such that $(x-1)h=1$ in $R_0$. By multiplying by the common denominator K, you get an integer K and $g\in Z[x]$ such that $(x-1)g=K$ in $R$. Observe that the number $K$ can be arbitrarily multiplied by any integer, and still grant the existence of an(other) integer polynomial $g$ satistying the last condition.
Observe the equation $(x-1)g=K$ in two cases
Now the case $g=w_n(x)$ implies that $x^n=K+1$ is an integer (clearly we can't have $K=-1$) and if you want $p$ to have distinct powers we also can't have $K=-2$ or $0$
The case $g=-(1/x^n)w_n(x)$ yields $x^n=1/(K+1)$, that is, $x^n$ is the inverse of an integer.
In both cases, $K+1$ is invertible since $x$ is.
Finally, to kill your argument once and for all, we got two polynomials in $I$, that is, $xf-1$ and either $x^n-j$ (case 1) or $jx^n-1$ (case 2), where $j=K+1$ from the above argument. Surely $j$ cannot be $1$ or $-1$, so there is a prime $r$ dividing $j$ (I avoid using letters $p$ and $q$).
Observe now that, in case $r^2$ divides $j$, $K$ and $j$ can be modified to ensure that $r$ divides $j$ but $r^2$ does not (possibly modifying $n$). As observed in the argument above $K$, being the denominator of $h$, can be multiplied by any integer, still granting the existence of the required $g$. Replace $K$ by $(r+1)K$. Observe that $K$ is coprime with $r$, for $r$ divides $K+1$. Now the new $j$ will be $(r+1)K+1=rK+(K+1)$, a multiple of $r$, which is not multiple of $r^2$, for $K+1$ is and $rK$ is not.
Taking possibly this new $j$, in case 1, we can therefore apply Eisenstein's criterion to $r$ and conclude that $x^n-j$ is irredicible in $\mathbb{Q}[x]$. Moreover, still in $\mathbb{Q}[x]$, it must be comprime to $xf-1$ simply because it does not divide it (just look at their degree $0$ terms).
Then, since $\mathbb{Q}[x]$ is an Euclidian domain, $1$ is a linear combination in $\mathbb{Q}[x]$ of elements of $I$ and therefore there is an integer $N$ in $I$. Then $R$ is a finite $\mathbb{Z}_N$ module, hence a finite set, a contradiction. For case 2 please check that you can just replace $xf-1$ by the polynomial expressing the inverse of $q$ in $\mathbb{Z}[x]$ modulo $I$, that is, seeing $R$ as a quotient of $\mathbb{Z}[x^{-1}]$ through the isomorphism $f(x)\leftrightarrow f(x^{-1})$.