Exhibit 11.0

               PETROLEUM HEAT AND POWER CO., INC. AND SUBSIDIARIES

                   Computation of Net Income (Loss) Per Share
                      (In thousands except per share data)

                                            Year Ended December 31,
                               -------------------------------------------------
                                   1995              1996               1997
                               ------------      ------------      ------------

Net Loss                       $    (23,479)     $    (28,315)     $    (22,899)
Preferred Dividends                  (3,263)           (2,389)           (4,644)
                               ------------      ------------      ------------

Net loss applicable to common
stock                               (26,742)          (30,704)          (27,543)
                               ------------      ------------      ------------

Common stock dividends
  Class A Common Stock               13,716            13,789             7,019
  Class B Common Stock                    -                 -                 -
  Class C Common Stock                1,559             1,559               779
                               ------------      ------------      ------------
                                     15,275            15,348             7,798
                               ------------      ------------      ------------
Undistributed net loss(1)      $    (42,017)     $    (46,052)     $    (35,341)
                               ============      ============      ============

Weighted average number of
common shares outstanding
  Class A Common Stock               22,711            22,983            23,441
  Class B Common Stock                   15                12                11
  Class C Common Stock                2,598             2,598             2,598
                               ------------      ------------      ------------
                                     25,324            25,593            26,050
                               ============      ============      ============

Basic and Diluted earnings 
(losses) per common share:

  Class A Common stock
   Distributed                 $       0.60      $       0.60      $       0.30
   Undistributed(1)                   (1.66)            (1.80)            (1.36)
                               ------------      ------------      ------------
                               $      (1.06)     $      (1.20)     $      (1.06)
                               ============      ============      ============

  Class B Common Stock
    Distributed                $          -      $          -      $          -
                               ============      ============      ============

  Class C Common Stock
   Distributed                 $       0.60      $       0.60      $       0.30
   Undistributed                      (1.66)            (1.80)            (1.36)
                               ------------      ------------      ------------
                               $      (1.06)     $      (1.20)     $      (1.06)
                               ============      ============      ============

----------
(1) All of the undistributed net loss has been allocated to the Class A Common
Stock and Class C Common Stock since the Company exercised its right to
terminate the Special Dividends on the Class B Common Stock effective August 31,
1994 "the expiration date". As a result of the termination of the Special
Dividends, the holders of Class B Common Stock had the right to require the
Company to purchase their shares at $17.50 per share plus all accrued and unpaid
Special Dividends through the expiration date ($0.2763 per share for the period
July 1, 1994 through August 31, 1994). As of December 31, 1997, 206 shares of
Class B Common Stock were repurchased for approximately $3.6 million.

Prior to the termination of the Special Dividends, the Class B Common Stock
could not participate in any additional dividends until the aggregate amount of
dividends paid on Class A Common Stock and Class C Common Stock exceeded the
Common Stock Allocation as defined. In 1994 an additional $112.3 million had to
be paid as dividends on the Class A Common Stock and Class C Common Stock to
reach the Common Stock Allocation.