Filed under Rule 424(b)(2)
                                           Registration No. 33-51095 and
                                           Registration No. 33-42141


 Pricing Supplement No. 12 Dated December 22, 1994
 -----------------------------------------------

 To  Prospectus Dated December 2, 1993 
     Prospectus Supplement Dated December 2, 1993

                                     $301,627,000

                                   ASHLAND OIL, INC.

                              MEDIUM-TERM NOTES, SERIES F

                     Due from 9 Months or More from Date of Issue

                       Principal Amount:           $10,000,000

               (Total Principal Amount Issued to Date:     $138,000,000)


       Original Issue Date:                           December 30, 1994 
                                                    ------------------- 
       

       Maturity Date:                                 December 30, 2004
                                                    ------------------- 


       Interest Rate:                                      8.50%
                                                    -------------------

 Redemption:

 Check box opposite applicable paragraph.

  [ x ]      The Notes cannot be redeemed prior to maturity.

  [   ]      The Notes may be redeemed prior to maturity. 


 Initial Redemption Date:


       The optional Redemption Price on and after the Initial Redemption
 Date shall initially be      % of the principal  amount of the Notes to
 be  redeemed and  shall  decline  at each  anniversary of  the  Initial
 Redemption Date by       % of the principal amount to be redeemed until
 the Optional Redemption Price is 100% of such principal amount.

 Commission to be paid to agent.                         $ 60,000.00
   BEAR, STEARNS & CO., INC.                            --------------