The companies were accused, along with Chiquita, of fixing prices during weekly phone calls between 2000 and 2002, Deutsche Welle reported Wednesday.
Dole was fined $61.6 million. Del Monte was fined $19.8 million. Chiquita escaped punishment due to its role of whistle-blower in the case.
"European consumers spend significant sums on bananas every year," Competition Commissioner Neelie Kroes said in a statement.
"It is totally unacceptable for companies to have rigged prices in this manner and the companies concerned must learn the hard way that the commission will not tolerate such behavior," Kroes said.