The Airports Company South Africa (ACSA) has agreed to pay almost R2-million for fixing the prices of parking bays at OR Tambo International Airport in Johannesburg, the Competition Commission said on Monday.

"In terms of the settlement, ACSA admits that it engaged in price fixing conduct. ACSA has agreed and undertook to pay an administrative penalty in the amount of [R1.98-million]," the commission said in a statement.

"The commission's investigation revealed that ACSA and Bombela, who are competitors in the market for the supply of parking bays, agreed to fix rates for parking bays supplied to car rental companies."

On Friday, the Competition Tribunal confirmed the consent agreement.

ACSA could not immediately be reached for comment.