Pharmacy chain Dis-Chem has withdrawn its appeal against a decision by the Competition Tribunal to fine it R1.2 million for hiking the prices of certain types of surgical face masks at the start of the Covid-19 pandemic.

"We have been consistent in arguing that price gouging in a pandemic deprives consumers, particularly poor consumers, of access to essential goods that are necessary to prevent a further escalation of the pandemic," said Competition Commissioner Tembinkosi Bonakele in a statement on Friday. 

After receiving complaints from the public about alleged excessive pricing for face masks, the watchdog referred the case to the Competition Tribunal in April.

Dis-Chem at the time argued that it had been forced to hike prices because of disruptions in supply and price increases by suppliers.

The tribunal, however, ruled that the pharmacy chain's price hikes were unreasonable. 

Dis-Chem subsequently applied to the Competition Appeal Court to appeal the decision, saying it contained a "number of errors of fact and law".

According to the Competition Commission, this appeal has now been withdrawn.