o:2409 MODELLING AND OPTIMIZATION OF OIL PRICE PLATFORM: EUROPEAN MARKET STRUCTURE en The era of low oil prices shows that, in addition to technical improvements, companies have to take into account new models for the sustainability of the oil industry. Aligning sustainability and overall business strategies in the oil industry requires a rigorous economic analysis of the price structure. Oil price structure changes is a catalyst for the convergence process in the European Union. The main purpose of this paper is to consider the impact of the oil market liberalization on diesel and gasoline price structure differences among European countries.In order to derive the relevant conclusions, cluster analysis and linear regression modeling are used during the research. The obtained results suggest that the first hypothesis is verified: Tariff is the most important component in the oil price structure (Diesel and Gasoline) in all European Union countries. On the other hand, the second hypothesis (European Union countries can be grouped into one cluster according to the retail price of diesel and gasoline) has not been confirmed since a representative sample of countries is classified into three clusters according to the diesel and gasoline prices in 2019. The practical implication from the research is that current oil market structure could suggest and accelerate challenges in tax policy and tariff setting in the European member states. The novelty factor in the paper is that it gives a review of the empirical literature focusing on the oil price structures and highlights the essential price components and market structure fundamentals. The paper serves as an introduction to this line of research and also addresses methodological framework which can be useful in this field. ENHANCING COMPETITIVENESS OF NATIONAL ECONOMIES AND ENTERPRISES ‐ Thematic collection of papers of international significance, Faculty of Economics, University of Niš, pp.43-64 oil market, diesel price structure, gasoline price structure, custer analysis, regression model 1552100 978‐86‐6139‐183‐5 2024-03-10T18:19:02.811Z 44 yes 46 Zorana Kostić Faculty of Science and Mathematics, University of Niš 2019 46 Žarko Rađenović Innovation Center, University of Niš application/pdf 3254195 https://phaidrani.ni.ac.rs/o:2409 no yes 18 70 1556235 18A15