diff --git a/Cargo.lock b/Cargo.lock
index b092d6c1c..e30f53c7d 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -6184,6 +6184,7 @@ dependencies = [
  "assert_matches",
  "async-trait",
  "bytes",
+ "derive_more",
  "futures",
  "http",
  "http-body",
diff --git a/crates/rpc/rpc/Cargo.toml b/crates/rpc/rpc/Cargo.toml
index 6ca1110a3..3f9bcbcf3 100644
--- a/crates/rpc/rpc/Cargo.toml
+++ b/crates/rpc/rpc/Cargo.toml
@@ -68,6 +68,7 @@ tracing.workspace = true
 tracing-futures = "0.2"
 schnellru = "0.2"
 futures.workspace = true
+derive_more = "0.99"
 
 [dev-dependencies]
 jsonrpsee = { workspace = true, features = ["client"] }
diff --git a/crates/rpc/rpc/src/eth/gas_oracle.rs b/crates/rpc/rpc/src/eth/gas_oracle.rs
index 9c130c39c..1fbd18741 100644
--- a/crates/rpc/rpc/src/eth/gas_oracle.rs
+++ b/crates/rpc/rpc/src/eth/gas_oracle.rs
@@ -4,9 +4,12 @@ use crate::eth::{
     cache::EthStateCache,
     error::{EthApiError, EthResult, RpcInvalidTransactionError},
 };
+use derive_more::{Deref, DerefMut};
 use reth_primitives::{constants::GWEI_TO_WEI, BlockNumberOrTag, B256, U256};
 use reth_provider::BlockReaderIdExt;
+use schnellru::{ByLength, LruMap};
 use serde::{Deserialize, Serialize};
+use std::fmt::{self, Debug, Formatter};
 use tokio::sync::Mutex;
 use tracing::warn;
 
@@ -90,8 +93,9 @@ pub struct GasPriceOracle<Provider> {
     oracle_config: GasPriceOracleConfig,
     /// The price under which the sample will be ignored.
     ignore_price: Option<u128>,
-    /// The latest calculated price and its block hash
-    last_price: Mutex<GasPriceOracleResult>,
+    /// Stores the latest calculated price and its block hash and Cache stores the lowest effective
+    /// tip values of recent blocks
+    inner: Mutex<GasPriceOracleInner>,
 }
 
 impl<Provider> GasPriceOracle<Provider>
@@ -111,7 +115,16 @@ where
         }
         let ignore_price = oracle_config.ignore_price.map(|price| price.saturating_to());
 
-        Self { provider, oracle_config, last_price: Default::default(), cache, ignore_price }
+        // this is the number of blocks that we will cache the values for
+        let cached_values = (oracle_config.blocks * 5).max(oracle_config.max_block_history as u32);
+        let inner = Mutex::new(GasPriceOracleInner {
+            last_price: Default::default(),
+            lowest_effective_tip_cache: EffectiveTipLruCache(LruMap::new(ByLength::new(
+                cached_values,
+            ))),
+        });
+
+        Self { provider, oracle_config, cache, ignore_price, inner }
     }
 
     /// Returns the configuration of the gas price oracle.
@@ -126,11 +139,11 @@ where
             .sealed_header_by_number_or_tag(BlockNumberOrTag::Latest)?
             .ok_or(EthApiError::UnknownBlockNumber)?;
 
-        let mut last_price = self.last_price.lock().await;
+        let mut inner = self.inner.lock().await;
 
         // if we have stored a last price, then we check whether or not it was for the same head
-        if last_price.block_hash == header.hash {
-            return Ok(last_price.price)
+        if inner.last_price.block_hash == header.hash {
+            return Ok(inner.last_price.price)
         }
 
         // if all responses are empty, then we can return a maximum of 2*check_block blocks' worth
@@ -150,13 +163,24 @@ where
         };
 
         for _ in 0..max_blocks {
-            let (parent_hash, block_values) = self
-                .get_block_values(current_hash, SAMPLE_NUMBER)
-                .await?
-                .ok_or(EthApiError::UnknownBlockNumber)?;
+            // Check if current hash is in cache
+            let (parent_hash, block_values) =
+                if let Some(vals) = inner.lowest_effective_tip_cache.get(&current_hash) {
+                    vals.to_owned()
+                } else {
+                    // Otherwise we fetch it using get_block_values
+                    let (parent_hash, block_values) = self
+                        .get_block_values(current_hash, SAMPLE_NUMBER)
+                        .await?
+                        .ok_or(EthApiError::UnknownBlockNumber)?;
+                    inner
+                        .lowest_effective_tip_cache
+                        .insert(current_hash, (parent_hash, block_values.clone()));
+                    (parent_hash, block_values)
+                };
 
             if block_values.is_empty() {
-                results.push(U256::from(last_price.price));
+                results.push(U256::from(inner.last_price.price));
             } else {
                 results.extend(block_values);
                 populated_blocks += 1;
@@ -171,7 +195,7 @@ where
         }
 
         // sort results then take the configured percentile result
-        let mut price = last_price.price;
+        let mut price = inner.last_price.price;
         if !results.is_empty() {
             results.sort_unstable();
             price = *results
@@ -186,7 +210,7 @@ where
             }
         }
 
-        *last_price = GasPriceOracleResult { block_hash: header.hash, price };
+        inner.last_price = GasPriceOracleResult { block_hash: header.hash, price };
 
         Ok(price)
     }
@@ -253,6 +277,26 @@ where
     }
 }
 
+/// Container type for mutable inner state of the [GasPriceOracle]
+#[derive(Debug)]
+struct GasPriceOracleInner {
+    last_price: GasPriceOracleResult,
+    lowest_effective_tip_cache: EffectiveTipLruCache,
+}
+
+/// Wrapper struct for LruMap
+#[derive(Deref, DerefMut)]
+pub struct EffectiveTipLruCache(LruMap<B256, (B256, Vec<U256>), ByLength>);
+
+impl Debug for EffectiveTipLruCache {
+    fn fmt(&self, f: &mut Formatter<'_>) -> fmt::Result {
+        f.debug_struct("EffectiveTipLruCache")
+            .field("cache_length", &self.len())
+            .field("cache_memory_usage", &self.memory_usage())
+            .finish()
+    }
+}
+
 /// Stores the last result that the oracle returned
 #[derive(Debug, Clone)]
 pub struct GasPriceOracleResult {