Disclosed is an oil in water emulsion containing (i) an internal hydrophobic phase containing benzyl alcohol and 2-octyldodecanol, (ii) an external hydrophilic phase containing lower alkanols, polyhydric alcohols, polyethylene glycols, polypropylene glycols or mixtures thereof, (iii) at least a polymeric surfactant selected from the group of acrylates/C10-C30 alkyl acrylate crosspolymers and/or cellulose ethers, (iv) at least a water insoluble active principle selected from anti-bacterial drugs, anti-fungal drugs, anti-protozoal drugs, anti-inflammatory drugs and hormones; wherein said emulsion does not contain neutralising agents. The emulsion is useful for treating a vaginal inflammation or infection of bacterial, fungal or protozoal origin.