diff --git a/CHANGELOG.md b/CHANGELOG.md
index 9ed922075ca..44314e4fdf4 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -497,5 +497,6 @@ Released with 1.0.0-beta.37 code base.
 
 ### Fixed
 -  Fix a typo in the documentation for `methods.myMethod.send` (#4599)
+-  Added effectiveGasPrice to TransactionReceipt (#4692)
 -  Correction in documentation for `web3.eth.accounts.signTransaction` (#4576)
 -  Updated README to include Webpack 5 create-react-app support instructions (#4173)
diff --git a/docs/web3-eth.rst b/docs/web3-eth.rst
index 3194ef7287d..e5ff527189a 100644
--- a/docs/web3-eth.rst
+++ b/docs/web3-eth.rst
@@ -1402,8 +1402,9 @@ Returns
   - ``to`` - ``String``: Address of the receiver. ``null`` when it's a contract creation transaction.
   - ``contractAddress`` - ``String``: The contract address created, if the transaction was a contract creation, otherwise ``null``.
   - ``cumulativeGasUsed`` - ``Number``: The total amount of gas used when this transaction was executed in the block.
-  - ``gasUsed``- ``Number``:  The amount of gas used by this specific transaction alone.
+  - ``gasUsed`` - ``Number``:  The amount of gas used by this specific transaction alone.
   - ``logs`` - ``Array``: Array of log objects, which this transaction generated.
+  - ``effectiveGasPrice`` - ``Number``:  The actual value per gas deducted from the senders account. Before EIP-1559, this is equal to the transaction's gas price. After, it is equal to baseFeePerGas + min(maxFeePerGas - baseFeePerGas, maxPriorityFeePerGas).
 
 -------
 Example
diff --git a/packages/web3-core-helpers/src/formatters.js b/packages/web3-core-helpers/src/formatters.js
index 94b29cfa432..cef20a7090b 100644
--- a/packages/web3-core-helpers/src/formatters.js
+++ b/packages/web3-core-helpers/src/formatters.js
@@ -288,6 +288,9 @@ var outputTransactionReceiptFormatter = function (receipt) {
         receipt.logs = receipt.logs.map(outputLogFormatter);
     }
 
+    if (receipt.effectiveGasPrice) {
+        receipt.effectiveGasPrice = utils.hexToNumber(receipt.effectiveGasPrice)
+    }
     if (receipt.contractAddress) {
         receipt.contractAddress = utils.toChecksumAddress(receipt.contractAddress);
     }
diff --git a/packages/web3-core/types/index.d.ts b/packages/web3-core/types/index.d.ts
index 4065992bc7b..3015bf288a3 100644
--- a/packages/web3-core/types/index.d.ts
+++ b/packages/web3-core/types/index.d.ts
@@ -213,6 +213,7 @@ export interface TransactionReceipt {
     contractAddress?: string;
     cumulativeGasUsed: number;
     gasUsed: number;
+    effectiveGasPrice: number;
     logs: Log[];
     logsBloom: string;
     events?: {
diff --git a/test/eth.getTransactionReceipt.js b/test/eth.getTransactionReceipt.js
index dabb7f6bb64..ee86e5bf85d 100644
--- a/test/eth.getTransactionReceipt.js
+++ b/test/eth.getTransactionReceipt.js
@@ -10,6 +10,7 @@ var txResult = {
     "contractAddress":"0x407d73d8a49eeb85d32cf465507dd71d507100c1",
     "cumulativeGasUsed":"0x7f110",
     "gasUsed": "0x7f110",
+    "effectiveGasPrice": "0x09184e72a000",
     "logs": [{
         transactionIndex: '0x3e8',
         logIndex: '0x3e8',
@@ -36,6 +37,7 @@ var formattedTxResult = {
     "contractAddress":"0x407D73d8a49eeb85D32Cf465507dd71d507100c1", // checksum address
     "cumulativeGasUsed": 520464,
     "gasUsed": 520464,
+    "effectiveGasPrice": 10000000000000,
     "logs": [{
         id: "log_2b801386",
         transactionIndex: 1000,