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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0000007694-03-000027.txt : 20030318
<SEC-HEADER>0000007694-03-000027.hdr.sgml : 20030318
<ACCEPTANCE-DATETIME>20030318170640
ACCESSION NUMBER:		0000007694-03-000027
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030317
FILED AS OF DATE:		20030318

REPORTING-OWNER:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PFEIFFER JANE C
		CENTRAL INDEX KEY:			0001026062
		RELATIONSHIP:				DIRECTOR
		STATE OF INCORPORATION:			KY
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		4

	BUSINESS ADDRESS:	
		STREET 1:		REPUBLIC BANK CENTER
		STREET 2:		700 LOUISIANNA, SUITE 3920
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002
		BUSINESS PHONE:		6063293333

	MAIL ADDRESS:	
		STREET 1:		REPUBLIC BANK CENTER
		STREET 2:		700 LOUISIANNA, SUITE 3920
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ASHLAND INC
		CENTRAL INDEX KEY:			0000007694
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-CHEMICALS & ALLIED PRODUCTS [5160]
		IRS NUMBER:				610122250
		STATE OF INCORPORATION:			KY
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-02918
		FILM NUMBER:		03608110

	BUSINESS ADDRESS:	
		STREET 1:		50 E. RIVERCENTER BOULEVARD
		CITY:			COVINGTON
		STATE:			KY
		ZIP:			41012
		BUSINESS PHONE:		6068153333

	MAIL ADDRESS:	
		STREET 1:		50 E. RIVERCENTER BOULEVARD
		CITY:			COVINGTON
		STATE:			KY
		ZIP:			41012

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ASHLAND OIL & REFINING CO
		DATE OF NAME CHANGE:	19700806

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ASHLAND OIL INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.txt
<DESCRIPTION>FORM 4 - MARCH 17, 2003
<TEXT>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
   Pfeiffer, Jane C.

   1050 Beach Road
   Vero Beach, FL  32963
2. Issuer Name and Ticker or Trading Symbol
   Ashland Inc.
   ASH
3. IRS or Social Security Number of Reporting Person (Voluntary)

4. Statement for Month/Year
   March 17, 2003
5. If Amendment, Date of Original (Month/Year)

6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
   (X) Director ( ) 10% Owner ( ) Officer (give title below) ( ) Other
   (specify below)

7. Individual or Joint/Group Filing (Check Applicable Line)
   (X) Form filed by One Reporting Person
   ( ) Form filed by More than One Reporting Person
<TABLE>
<CAPTION>
___________________________________________________________________________________________________________________________________
 Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned                                                 |
___________________________________________________________________________________________________________________________________|
1. Title of Security       |2.    |3.    |4.Securities Acquired (A)         |5.Amount of        |6.Dir |7.Nature of Indirect       |
                           | Transaction |  or Disposed of (D)              |  Securities       |ect   |  Beneficial Ownership     |
                           |      |      |                                  |  Beneficially     |(D)or |                           |
                           |      |    | |                  | A/|           |  Owned at         |Indir |                           |
                           | Date |Code|V|    Amount        | D |    Price  |  End of Month     |ect(I)|                           |
___________________________________________________________________________________________________________________________________|
<S>                        <C>    <C>  <C><C>               <C> <C>         <C>                 <C>    <C>
Common Stock               |      |    | |                  |   |           |2,202              |D     |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock               |      |    | |                  |   |           |2,000 (1)          |D     |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
<CAPTION>
___________________________________________________________________________________________________________________________________
 Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned                                                   |
___________________________________________________________________________________________________________________________________|
1.Title of Derivative |2.Con-  |3.   |4.    |5.Number of De |6.Date Exer|7.Title and Amount  |8.Price|9.Number    |10.|11.Nature of|
  Security            |version |Transaction | rivative Secu |cisable and|  of Underlying     |of Deri|of Deriva   |Dir|Indirect    |
                      |or Exer |     |      | rities Acqui  |Expiration |  Securities        |vative |tive        |ect|Beneficial  |
                      |cise    |     |      | red(A) or Dis |Date(Month/|                    |Secu   |Securities  |(D)|Ownership   |
                      |Price of|     |      | posed of(D)   |Day/Year)  |                    |rity   |Benefi      |or |            |
                      |Deriva- |     |      |               |Date |Expir|                    |       |ficially    |Ind|            |
                      |tive    |     |      |           | A/|Exer-|ation|   Title and Number |       |Owned at    |ire|            |
                      |Secu-   |     |    | |           | D |cisa-|Date |   of Shares        |       |End of      |ct |            |
                      |rity    |Date |Code|V|  Amount   |   |ble  |     |                    |       |Month       |(I)|            |
___________________________________________________________________________________________________________________________________|
<S>                   <C>      <C>   <C>  <C><C>        <C> <C>   <C>   <C>          <C>     <C>     <C>          <C> <C>
Option (2)            |37.50   |     |    | |           |   |7-28-|1-28-|Common Stock|1,000  |       |1,000       |D  |            |
                      |        |     |    | |           |   |94   |04   |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (2)            |33.00   |     |    | |           |   |7-27-|1-27-|Common Stock|1,000  |       |1,000       |D  |            |
                      |        |     |    | |           |   |95   |05   |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (2)            |43.125  |     |    | |           |   |7-31-|1-31-|Common Stock|1,000  |       |1,000       |D  |            |
                      |        |     |    | |           |   |97   |07   |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (2)            |52.75   |     |    | |           |   |7-30-|1-30-|Common Stock|1,000  |       |1,000       |D  |            |
                      |        |     |    | |           |   |98   |08   |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (3)            |46.76   |     |    | |           |   |7-31-|2-29-|Common Stock|2,500  |       |2,500       |D  |            |
                      |        |     |    | |           |   |02   |12   |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (3)            |27.22   |     |    | |           |   |7-30-|2-29-|Common Stock|2,500  |       |2,500       |D  |            |
                      |        |     |    | |           |   |03   |13   |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock Units (4)|1-for-1 |3-17-|J   | |63         |A  |     |     |Common Stock|63     |$27.920|15,135      |D  |            |
                      |        |03   |    | |           |   |     |     |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |        |     |    | |           |   |     |     |            |       |       |            |   |            |
___________________________________________________________________________________________________________________________________|
</TABLE>
Explanation of Responses:
1. Represents shares of restricted common stock acquired pursuant to Ashland's
stock incentive plans as approved by shareholders and exempt pursuant to Rule
16b-3.
2. Stock options (represents a right to buy Ashland Common Stock) granted
pursuant to Ashland's Deferred Compensation and Stock Incentive Plan for
Non-Employee Directors.  The stock option
includes a tax withholding feature pursuant to the
plan.
3. Stock options (represents a right to buy Ashland Common Stock) under
Ashland's Amended and Restated Incentive Plan. The stock option includes a tax
withholding feature pursuant to the plan.
4. Common Stock Units acquired pursuant to Ashland's Deferred Compensation Plan
for Non-Employee Directors as of 3-17-03,  payable in cash or stock upon
termination of service and exempt
under Rule 16b-3.   (One (1) Common Stock Unit in the  Deferred Compensation
Plan for Non-Employee Directors is the equivalent of one (1) share of Ashland
Common Stock)
SIGNATURE OF REPORTING PERSON
M. Craig Hall - Attorney-in-fact
DATE
March 18, 2003

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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