<SUBMISSION>
<ACCESSION-NUMBER>0000007694-04-000048
<TYPE>S-8 POS
<PUBLIC-DOCUMENT-COUNT>2
<FILING-DATE>20040408
<EFFECTIVENESS-DATE>20040408
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>ASHLAND INC
<CIK>0000007694
<ASSIGNED-SIC>5160
<IRS-NUMBER>610122250
<STATE-OF-INCORPORATION>KY
<FISCAL-YEAR-END>0930
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-8 POS
<ACT>33
<FILE-NUMBER>033-26101
<FILM-NUMBER>04725089
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>50 E. RIVERCENTER BOULEVARD
<CITY>COVINGTON
<STATE>KY
<ZIP>41012
<PHONE>6068153333
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>50 E. RIVERCENTER BOULEVARD
<CITY>COVINGTON
<STATE>KY
<ZIP>41012
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>ASHLAND OIL INC
<DATE-CHANGED>19920703
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>ASHLAND OIL & REFINING CO
<DATE-CHANGED>19700806
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>S-8 POS
<SEQUENCE>1
<FILENAME>ltip.txt
<DESCRIPTION>POST-EFFECTIVE AMENDMENT NO. 2
<TEXT>




                                             Post-Effective Amendment No. 2
                                                  Registration No. 33-26101




================================================================================
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                            ------------------------
                       POST-EFFECTIVE AMENDMENT NO. 2
                                     TO
                           REGISTRATION STATEMENT
                                   Under
                         the Securities Act of 1933

                                ASHLAND INC.
           (Exact name of Registrant as specified in its charter)

                 Kentucky                           61-0122250
 (State or other jurisdiction of                (I.R.S. Employer
  incorporation or organization)                Identification No.)

                        50 E. RiverCenter Boulevard
                                P.O. Box 391
                          Covington, KY 41012-0391
                               (859) 815-3333
     (Address, including zip code, and telephone number, including area
            code, of Registrant's principal executive offices)

                   Ashland Inc. Long-Term Incentive Plan
                          (Full title of the Plan)
                          David L. Hausrath, Esq.
              Senior Vice President, General Counsel and Secretary
                        50 E. RiverCenter Boulevard
                                P.O. Box 391
                          Covington, KY 41012-0391
                               (859) 815-3333
         (Name, address, including zip code, and telephone number,
                including area code, of agent for service)



================================================================================


<PAGE>



     The securities offering issued pursuant to this Registration Statement
by Ashland  Inc.,  formerly  known as Ashland Oil,  Inc.  ("Ashland"),  has
terminated.  135,100 shares of Ashland Common Stock issued pursuant to this
Registration  Statement  remain  unsold.  Ashland  hereby  deregisters  all
remaining  135,100  shares  issued  pursuant to the Ashland Inc.  Long-Term
Incentive Plan, and all amendments thereto.


<PAGE>


                                  PART II
                                  -------

                                  EXHIBITS

Exhibit No.
-----------

25       Power of Attorney



<PAGE>


                                 SIGNATURES

     Pursuant to the  requirements  of the Securities Act of 1933,  Ashland
certifies that it has  reasonable  grounds to believe that it meets all the
requirements for filing on Form S-8 and has duly caused this Post-Effective
Amendment to the  Registration  Statement to be signed on its behalf by the
undersigned,   thereunto   duly   authorized  in  the  City  of  Covington,
Commonwealth of Kentucky, on March 18, 2004.

                                  ASHLAND INC.,


                                  By: /s/ David L. Hausrath
                                     -------------------------------------
                                     David L. Hausrath
                                     Senior Vice President, General Counsel
                                                 and Secretary

     Pursuant  to the  requirements  of the  Securities  Act of 1933,  this
Post-Effective  Amendment  No.  2 to the  Registration  Statement  has been
signed below by the following persons in the capacities  indicated on March
18, 2004.

      Signature                                Title
      ---------                                -----
          *                           Chairman of the Board and
         --                             Chief Executive Officer
   James J. O'Brien                   (Principal Executive Officer)

          *                           Senior Vice President and
         --                            Chief Financial Officer
   J. Marvin Quin                     (Principal Financial Officer)

          *                           Administrative Vice President
         --                                and Controller
  Kenneth L. Aulen                    (Principal Accounting Officer)

          *
         --                                    Director
    Ernest H. Drew

          *
         --                                    Director
    Roger W. Hale

          *
         --                                    Director
 Bernadine P. Healy

          *
         --                                    Director
  Mannie L. Jackson

          *
         --                                    Director
 Patrick F. Noonan

          *
         --                                    Director
  Jane C. Pfeiffer

          *
         --                                    Director
 William L. Rouse, Jr.

          *
         --                                    Director
George A. Schaefer, Jr.

          *
         --                                    Director
 Theodore L. Solso

          *
         --                                    Director
  Michael J. Ward


*By : /s/ David L. Hausrath
     ------------------------
     David L. Hausrath
     Attorney-in-fact

*  Original  power of  attorney  authorizing,  James J.  O'Brien,  David L.
Hausrath  and  Linda L.  Foss  and each of them to sign the  Post-Effective
Amendment No. 2 to the  Registration  Statement and  amendments  thereto on
behalf of the  above-mentioned  directors and officers of Ashland are being
filed herewith the Securities and Exchange Commission.


<PAGE>


                               EXHIBIT INDEX
Exhibit No.
-----------

25       Power of Attorney



<PAGE>






</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-25
<SEQUENCE>3
<FILENAME>ex25poa.txt
<DESCRIPTION>EX. 25 - POWER OF ATTORNEY
<TEXT>


                                                                EXHIBIT 25

                                POWER OF ATTORNEY
                                -----------------

KNOW ALL MEN BY THESE PRESENTS,  that each of the undersigned Directors and
Officers of ASHLAND INC., a Kentucky corporation,  which is about to file a
Post-Effective  Amendment No. 2 to Form S-8  Registration  Statement to the
Ashland Inc.  Long-Term  Incentive  Plan with the  Securities  and Exchange
Commission under the provisions of the Securities  Exchange Act of 1933, as
amended,  hereby  constitutes  and  appoints  JAMES  J.  O'BRIEN,  DAVID L.
HAUSRATH  and LINDA L. FOSS,  and each of them,  his or her true and lawful
attorneys-in-fact  and agents, with full power to act without the others to
sign and file such  Amendment,  and the  exhibits  thereto  and any and all
other documents in connection  therewith,  and any such amendments thereto,
with the Securities and Exchange Commission,  and to do and perform any and
all acts and things  requisite and necessary to be done in connection  with
the  foregoing  as fully as he or she might or could do in  person,  hereby
ratifying and confirming all that said attorneys-in-fact and agents, or any
of them, may lawfully do or cause to be done by virtue hereof.

Dated:  March 18, 2004



/s/ James J. O'Brien                           /s/ Patrick F. Noonan
-----------------------------------------      ---------------------------------
James J. O'Brien, Chairman of the Board        Patrick F. Noonan, Director
and Chief Executive Officer


/s/ J. Marvin Quin                             /s/ Jane C. Pfeiffer
-----------------------------------------      ---------------------------------
J. Marvin Quin, Senior Vice President          Jane C. Pfeiffer, Director
and Chief Financial Officer


/s/ Kenneth L. Aulen                           /s/ William L. Rouse
-----------------------------------------      ---------------------------------
Kenneth L. Aulen, Administrative Vice          William L. Rouse, Jr., Director
President, Controller and Principal
Accounting Officer

/s/ Ernest H. Drew                             /s/ George A. Schaefer
-----------------------------------------      ---------------------------------
Ernest H. Drew, Director                       George A. Schaefer, Jr., Director


/s/ Roger W. Hale                              /s/ Theodore M. Solso
-----------------------------------------      ---------------------------------
Roger W. Hale, Director                        Theodore M. Solso, Director


/s/ Bernadine P. Healy                         /s/ Michael J. Ward
-----------------------------------------      ---------------------------------
Bernadine P. Healy, Director                   Michael J. Ward, Director


/s/ Mannie L. Jackson
-----------------------------------------
Mannie L. Jackson, Director



<PAGE>


</TEXT>
</DOCUMENT>
</SUBMISSION>
