The festival, due to begin on Wednesday in Pakistan, marks Ibrahim's willingness to sacrifice his own son Ismail as an act of obedience to God.
At the last minute, God intervened, and gave Ibrahim a ram to sacrifice instead.
Traditionally, Muslims sacrifice an animal at Eid and share the meat with their families, neighbours, and people less fortunate than themselves.
At a livestock market in Lahore, customers are shopping for goats, sheep or cows to ritually slaughter this week.
But the prices of livestock this year are higher than before, due to devastating floods which swept across much of Pakistan in August and September, killing many animal herds.
People are searching for a bargain as Eid approaches.
"I've been coming to the market for the past four days" Muhammad Zia-al-Huq told AP Television. "The prices of goats and larger animals have increased by 25-30 percent since last year," he added.
Muhammad noted that an animal which cost 20-thousand rupees (240 US dollars) last year can fetch as much as 35-thousand rupees (415 US dollars) this year.
But one livestock seller at the market insisted that they were merely passing on the high prices they had paid for the animals.
They said they are at the bottom of a chain - high costs from farmers are simply passed along to livestock salesmen, who in turn pass them on to the customers.
"Due to the floods, a lot of animals were killed and that's why there's a shortage of animals this year," said Numan Ahmed, who was trying to sell sheep and goats at the market.
"Customers want to buy at low prices, but we have already paid a higher price ourselves to the big vendors, because of the animals killed in the flood water," he added.
There are animal markets in every Pakistani town, but Lahore has some of the biggest in the country.
Around the time of Eid celebrations, people come from miles (kilometres) around to find the perfect animal to slaughter.
Often, family members pool their cash to afford a bigger animal, like a cow or ox.
Just like in any holiday shopping season, there are some people who are waiting till the last minute in the hope of scooping a bargain.
"There are many goats but few customers" said Zafar Hayat, "I'm hoping that if the situation remains like this, the vendors will lower their prices in the last few days."
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