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


 Pricing Supplement No. 1 Dated June 2, 1994
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 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:           $25,000,000

               (Total Principal Amount Issued to Date:     $25,000,000)


       Original Issue Date:                            June 9, 1994 
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       Maturity Date:                                November 30, 2004  
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       Interest Rate:                                      7.85%        
      
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 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 Agents.                         $ 150,000.00
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