diff --git a/CHANGELOG.md b/CHANGELOG.md
index d9abf6019de..c279326d17a 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2754,6 +2754,10 @@ If there are any bugs, improvements, optimizations or any new feature proposal f
 
 -   update the type for `baseFeePerGas` at `web3.eth.getFeeHistory` to be a number. (#7291)
 
+#### web3-eth
+
+- Allow specifying percentage based factor in Web3Eth.calculateFeeData Param baseFeePerGasFactor #7332
+
 ### Fixed
 
 #### web3-eth-abi
@@ -2770,4 +2774,4 @@ If there are any bugs, improvements, optimizations or any new feature proposal f
 
 #### web3-rpc-providers
 
--   PublicNodeProvider was added (#7322)
+-   PublicNodeProvider was added (#7322)
\ No newline at end of file
diff --git a/packages/web3-eth/src/web3_eth.ts b/packages/web3-eth/src/web3_eth.ts
index 6aa4f2ab89d..4f0a191d9f8 100644
--- a/packages/web3-eth/src/web3_eth.ts
+++ b/packages/web3-eth/src/web3_eth.ts
@@ -272,43 +272,57 @@ export class Web3Eth extends Web3Context<Web3EthExecutionAPI, RegisteredSubscrip
 	}
 
 	/**
-	 * Calculates the current Fee Data.
-	 * If the node supports EIP-1559, then `baseFeePerGas` and `maxPriorityFeePerGas` will be returned along with the calculated `maxFeePerGas` value.
-	 * `maxFeePerGas` is calculated as `baseFeePerGas` * `baseFeePerGasFactor` + `maxPriorityFeePerGas`.
-	 * If the node does not support EIP-1559, then the `gasPrice` will be returned and the other values will be undefined.
-	 *
-	 * @param baseFeePerGasFactor (optional) The factor to multiply the `baseFeePerGas` with when calculating `maxFeePerGas`, if the node supports EIP-1559. The default value is 2.
-	 * @param alternativeMaxPriorityFeePerGas (optional) The alternative `maxPriorityFeePerGas` to use when calculating `maxFeePerGas`, if the node supports EIP-1559, but does not support the method `eth_maxPriorityFeePerGas`. The default value is 1 gwei.
-	 * @returns The current fee data.
-	 *
-	 * ```ts
-	 * web3.eth.calculateFeeData().then(console.log);
-	 * > {
-	 *     gasPrice: 20000000000n,
-	 *     maxFeePerGas: 60000000000n,
-	 *     maxPriorityFeePerGas: 20000000000n,
-	 *     baseFeePerGas: 20000000000n
-	 * }
-	 *
-	 * web3.eth.calculateFeeData(1n).then(console.log);
-	 * > {
-	 *     gasPrice: 20000000000n,
-	 *     maxFeePerGas: 40000000000n,
-	 *     maxPriorityFeePerGas: 20000000000n,
-	 *     baseFeePerGas: 20000000000n
-	 * }
-	 *
-	 * web3.eth.calculateFeeData(3n).then(console.log);
-	 * > {
-	 *     gasPrice: 20000000000n,
-	 *     maxFeePerGas: 80000000000n,
-	 *     maxPriorityFeePerGas: 20000000000n,
-	 *     baseFeePerGas: 20000000000n
-	 * }
-	 * ```
-	 */
+ * Calculates the current Fee Data.
+ * If the node supports EIP-1559, then `baseFeePerGas` and `maxPriorityFeePerGas` will be returned along with the calculated `maxFeePerGas` value.
+ * `maxFeePerGas` is calculated as `baseFeePerGas` * `baseFeePerGasFactor` + `maxPriorityFeePerGas`.
+ * If the node does not support EIP-1559, then the `gasPrice` will be returned and the other values will be undefined.
+ *
+ * @param baseFeePerGasFactor (optional) The factor to multiply the `baseFeePerGas` with when calculating `maxFeePerGas`, if the node supports EIP-1559. This can be a `bigint` for precise calculation or a `number` to support decimals. The default value is 2 (BigInt).
+ * If a `number` is provided, it will be converted to `bigint` with three decimal precision.
+ * @param alternativeMaxPriorityFeePerGas (optional) The alternative `maxPriorityFeePerGas` to use when calculating `maxFeePerGas`, if the node supports EIP-1559 but does not support the method `eth_maxPriorityFeePerGas`. The default value is 1 gwei.
+ * @returns The current fee data.
+ *
+ * @example
+ * web3.eth.calculateFeeData().then(console.log);
+ * > {
+ *     gasPrice: 20000000000n,
+ *     maxFeePerGas: 60000000000n,
+ *     maxPriorityFeePerGas: 20000000000n,
+ *     baseFeePerGas: 20000000000n
+ * }
+ *
+ * @example
+ * // Using a `bigint` for baseFeePerGasFactor
+ * web3.eth.calculateFeeData(1n).then(console.log);
+ * > {
+ *     gasPrice: 20000000000n,
+ *     maxFeePerGas: 40000000000n,
+ *     maxPriorityFeePerGas: 20000000000n,
+ *     baseFeePerGas: 20000000000n
+ * }
+ *
+ * @example
+ * // Using a `number` for baseFeePerGasFactor (with decimals)
+ * web3.eth.calculateFeeData(1.5).then(console.log);
+ * > {
+ *     gasPrice: 20000000000n,
+ *     maxFeePerGas: 50000000000n,  // baseFeePerGasFactor is converted to BigInt(1.500)
+ *     maxPriorityFeePerGas: 20000000000n,
+ *     baseFeePerGas: 20000000000n
+ * }
+ *
+ * @example
+ * web3.eth.calculateFeeData(3n).then(console.log);
+ * > {
+ *     gasPrice: 20000000000n,
+ *     maxFeePerGas: 80000000000n,
+ *     maxPriorityFeePerGas: 20000000000n,
+ *     baseFeePerGas: 20000000000n
+ * }
+ */
+
 	public async calculateFeeData(
-		baseFeePerGasFactor = BigInt(2),
+		baseFeePerGasFactor: bigint | number = BigInt(2),
 		alternativeMaxPriorityFeePerGas = ethUnitMap.Gwei,
 	): Promise<FeeData> {
 		const block = await this.getBlock<{ number: FMT_NUMBER.BIGINT; bytes: FMT_BYTES.HEX }>(
@@ -348,7 +362,15 @@ export class Web3Eth extends Web3Context<Web3EthExecutionAPI, RegisteredSubscrip
 			// and we multiply the `baseFeePerGas` by `baseFeePerGasFactor`, to allow
 			// trying to include the transaction in the next few blocks even if the
 			// baseFeePerGas is increasing fast
-			maxFeePerGas = baseFeePerGas * baseFeePerGasFactor + maxPriorityFeePerGas;
+			let baseFeeMultiplier: bigint;
+			if (typeof baseFeePerGasFactor === 'number') {
+				// Convert number to bigint with three decimal places
+				baseFeeMultiplier = BigInt(Math.floor(baseFeePerGasFactor * 1000)) / BigInt(1000);
+			} else {
+				// It's already a BigInt, so just use it as-is
+				baseFeeMultiplier = baseFeePerGasFactor;
+			}
+			maxFeePerGas = baseFeePerGas * baseFeeMultiplier + maxPriorityFeePerGas;
 		}
 
 		return { gasPrice, maxFeePerGas, maxPriorityFeePerGas, baseFeePerGas };
diff --git a/packages/web3-eth/test/unit/web3_eth_calculate_fee_data.test.ts b/packages/web3-eth/test/unit/web3_eth_calculate_fee_data.test.ts
index 58cf6deb6fd..9ff17335a4c 100644
--- a/packages/web3-eth/test/unit/web3_eth_calculate_fee_data.test.ts
+++ b/packages/web3-eth/test/unit/web3_eth_calculate_fee_data.test.ts
@@ -81,4 +81,25 @@ describe('Web3Eth.calculateFeeData', () => {
 			baseFeePerGas,
 		});
 	});
+
+	it('should use default baseFeePerGasFactor if none is provided', async () => {
+		const gasPrice = BigInt(20 * 1000);
+		const baseFeePerGas = BigInt(1000);
+		const maxPriorityFeePerGas = BigInt(100); // this will be used directly
+
+		jest.spyOn(ethRpcMethods, 'getBlockByNumber').mockReturnValueOnce({ baseFeePerGas } as any);
+		jest.spyOn(ethRpcMethods, 'getGasPrice').mockReturnValueOnce(gasPrice as any);
+		jest.spyOn(ethRpcMethods, 'getMaxPriorityFeePerGas').mockReturnValueOnce(
+			maxPriorityFeePerGas as any,
+		);
+
+		const feeData = await web3Eth.calculateFeeData(); // no baseFeePerGasFactor passed
+		const defaultBaseFeePerGasFactor = BigInt(2);
+		expect(feeData).toMatchObject({
+			gasPrice,
+			maxFeePerGas: baseFeePerGas * defaultBaseFeePerGasFactor + maxPriorityFeePerGas,
+			maxPriorityFeePerGas,
+			baseFeePerGas,
+		});
+	});
 });