diff --git a/pallets/dynamic-evm-base-fee/src/benchmarking.rs b/pallets/dynamic-evm-base-fee/src/benchmarking.rs
index c30ea7e0f9..c0d4ab9f23 100644
--- a/pallets/dynamic-evm-base-fee/src/benchmarking.rs
+++ b/pallets/dynamic-evm-base-fee/src/benchmarking.rs
@@ -62,6 +62,24 @@ mod benchmarks {
         assert_eq!(BaseFeePerGas::<T>::get(), new_bfpg);
     }
 
+    #[benchmark]
+    fn min_gas_price() {
+        let first_block = T::BlockNumber::from(1u32);
+
+        // Setup actions, should ensure some value is written to storage.
+        Pallet::<T>::on_initialize(first_block);
+        Pallet::<T>::on_finalize(first_block);
+        assert!(
+            BaseFeePerGas::<T>::exists(),
+            "Value should exist in storage after first on_finalize call"
+        );
+
+        #[block]
+        {
+            let _ = Pallet::<T>::min_gas_price();
+        }
+    }
+
     impl_benchmark_test_suite!(
         Pallet,
         crate::benchmarking::tests::new_test_ext(),
diff --git a/pallets/dynamic-evm-base-fee/src/lib.rs b/pallets/dynamic-evm-base-fee/src/lib.rs
index 2baeccd89f..5574346825 100644
--- a/pallets/dynamic-evm-base-fee/src/lib.rs
+++ b/pallets/dynamic-evm-base-fee/src/lib.rs
@@ -75,7 +75,7 @@
 
 #![cfg_attr(not(feature = "std"), no_std)]
 
-use frame_support::{traits::Get, weights::Weight};
+use frame_support::weights::Weight;
 use sp_core::U256;
 use sp_runtime::{traits::UniqueSaturatedInto, FixedPointNumber, FixedU128, Perquintill};
 
@@ -99,7 +99,11 @@ pub mod pallet {
 
     use super::*;
 
+    /// The current storage version.
+    const STORAGE_VERSION: StorageVersion = StorageVersion::new(1);
+
     #[pallet::pallet]
+    #[pallet::storage_version(STORAGE_VERSION)]
     pub struct Pallet<T>(PhantomData<T>);
 
     #[pallet::config]
@@ -229,7 +233,6 @@ pub mod pallet {
 
 impl<T: Config> fp_evm::FeeCalculator for Pallet<T> {
     fn min_gas_price() -> (U256, Weight) {
-        // TODO: account for PoV?
-        (BaseFeePerGas::<T>::get(), T::DbWeight::get().reads(1))
+        (BaseFeePerGas::<T>::get(), T::WeightInfo::min_gas_price())
     }
 }
diff --git a/pallets/dynamic-evm-base-fee/src/weights.rs b/pallets/dynamic-evm-base-fee/src/weights.rs
index 467ff6470d..aabce1015f 100644
--- a/pallets/dynamic-evm-base-fee/src/weights.rs
+++ b/pallets/dynamic-evm-base-fee/src/weights.rs
@@ -51,6 +51,7 @@ use core::marker::PhantomData;
 pub trait WeightInfo {
 	fn base_fee_per_gas_adjustment() -> Weight;
 	fn set_base_fee_per_gas() -> Weight;
+	fn min_gas_price() -> Weight;
 }
 
 /// Weights for pallet_dynamic_evm_base_fee using the Substrate node and recommended hardware.
@@ -79,6 +80,9 @@ impl<T: frame_system::Config> WeightInfo for SubstrateWeight<T> {
 		Weight::from_parts(9_000_000, 0)
 			.saturating_add(T::DbWeight::get().writes(1_u64))
 	}
+	fn min_gas_price() -> Weight {
+		Weight::from_parts(0, 0)
+	}
 }
 
 // For backwards compatibility and tests
@@ -106,4 +110,7 @@ impl WeightInfo for () {
 		Weight::from_parts(9_000_000, 0)
 			.saturating_add(RocksDbWeight::get().writes(1_u64))
 	}
+	fn min_gas_price() -> Weight {
+		Weight::from_parts(0, 0)
+	}
 }
diff --git a/runtime/shibuya/src/lib.rs b/runtime/shibuya/src/lib.rs
index 571fa3a297..242bfb82fc 100644
--- a/runtime/shibuya/src/lib.rs
+++ b/runtime/shibuya/src/lib.rs
@@ -1329,7 +1329,7 @@ parameter_types! {
 }
 
 /// Simple `OnRuntimeUpgrade` logic to prepare Shibuya runtime for `DynamicEvmBaseFee` pallet.
-pub use frame_support::traits::OnRuntimeUpgrade;
+pub use frame_support::traits::{OnRuntimeUpgrade, StorageVersion};
 pub struct DynamicEvmBaseFeeMigration;
 impl OnRuntimeUpgrade for DynamicEvmBaseFeeMigration {
     fn on_runtime_upgrade() -> Weight {
@@ -1344,6 +1344,9 @@ impl OnRuntimeUpgrade for DynamicEvmBaseFeeMigration {
         // Shibuya's multiplier is so low that we have to set it to minimum value directly.
         pallet_transaction_payment::NextFeeMultiplier::<Runtime>::put(MinimumMultiplier::get());
 
+        // Set init storage version for the pallet
+        StorageVersion::new(1).put::<pallet_dynamic_evm_base_fee::Pallet<Runtime>>();
+
         <Runtime as frame_system::Config>::DbWeight::get().reads_writes(1, 2)
     }
 }