According to Middle Eastern media reports, this year the Riyadh municipality in Saudi Arabia put a fixed maximum price of almost $379 per head for sheep sold during the Eid Al-Adha festival.

The Muslim festival is held at the end of Haj (the end of November) and is a festival of sacrifice, whereby animals such as sheep are slaughtered to honour the Prophet Abraham.

The Arab News reported that the Riyadh municipality's fixed price was put in place during this year's three-day festival to ensure that companies did not take advantage of the increased demand and put their prices up accordingly.

According to Meat and Livestock Australia (MLA) Middle East and Africa livestock services manager Peter Dundon, sheep prices can increase by two to three times during Eid festivals, particularly Eid Al Adha.

Mr Dundon said Government authorities throughout the region monitored market prices leading up to Eid festivals.

"They aim to minimise the price increases, imposing fines on traders that have grossly increased their prices to capitalise on strong demand," Mr Dundon said.

"There's acceptance that prices will increase to some extent."

Mr Dundon said as with any market around the world across all commodities, demand and supply forces tend to sort themselves out and the capacity of Government regulators to keep prices at "normal" rates was limited.

He said Australian sheep prices tended to remain relatively constant, even through Eid periods and in countries like Bahrain, Kuwait and Qatar, Australian sheep provided the large majority of locally processed fresh meat for the populations of those countries.

"It's essentially their staple diet and many of the poorer people rely upon it as their major source of protein," Mr Dundon said.

"Many people have saved to buy their single sheep for the entire year and it has huge significance in their lives.

"It's a time for worshipping and charity."

This year in Bahrain, Mr Dundon said Australian sheep were selling for 30 Bahrain dinar, which at current rates was just under $90/head, and Somali sheep for $15 more.

In Qatar, prices were dearer with Australian sheep selling for around $200/hd, Arabic fat tail sheep for $400, Somali sheep $130, and Indian and Sudan sheep for around $260.