Beef, mutton prices drop in Pakistan amid Iran war

Beef and mutton supply from Pakistan to Middle East countries has been disrupted due to closure of airspace and maritime routes amid Iran-Israel war.

As per details, for the fifth consecutive day, the closure of airspace and maritime routes in several Arab countries has disrupted Pakistan’s meat exports, halting the supply of mutton and beef to Gulf markets.

Traders in Rawalpindi have warned that the suspension of exports could result in significant financial losses for those dealing in mutton and beef. Market sources suggest that if the supply chain remains blocked, domestic prices in Pakistan may decline due to surplus stock.

According to market estimates, mutton prices could fall by up to Rs800 per kilogram, while beef may see a reduction of around Rs500 per kilogram.

It is noteworthy that exports of goat and beef to Afghanistan are already suspended, further compounding.

Fuel prices review

Amid escalating tensions in Middle East region after Israel-US attacked Iran, Pakistan authorities are considering shifting to a weekly review mechanism for petroleum product prices, ARY News reported on Thursday, citing sources.

Various proposals are under discussion regarding the determination of fuel prices on a weekly basis following closure of Strait of Hormuz. Pakistan govt officials are also consulting on a pricing model similar to the one adopted during the Covid-19 period.

Sources indicate that the primary objective behind moving to weekly price adjustments is to prevent hoarding by dealers, particularly in anticipation of potential price increases. Concerns have been raised that fuel retailers may stockpile supplies if they expect a significant upward revision in prices.