EXHIBIT 99.1
GIANT INDUSTRIES, INC.
NEWS RELEASE

Contact: Mark B. Cox
         Executive Vice President, Treasurer, & Chief Financial Officer
         Giant Industries, Inc.
         (480) 585-8888

FOR IMMEDIATE RELEASE

July 12, 2005

                GIANT INDUSTRIES, INC. ANNOUNCES ACQUISITION
                            OF DIAL OIL COMPANY


Scottsdale, Arizona, July 12, 2005 - Giant Industries, Inc. [NYSE: GI]
today announced that it has acquired Dial Oil Company. Based in Farmington,
New Mexico, Dial Oil is one of the premier wholesale distributors of
gasoline, diesel and lubricants in New Mexico, with operations throughout
the Southwest. It also owns and operates twelve service station/convenience
stores. In addition, Dial's assets include four bulk petroleum distribution
plants, sixteen cardlock fueling locations, and a fleet of truck
transports. The Company's annual fuel and lubricant sales volumes are
approximately 100 million gallons. Dial will be operated as a wholly-owned
subsidiary of Giant.

Fred Holliger, Giant's Chief Executive Officer said, "Dial Oil is good fit
with our existing operations and provides us an opportunity to grow our
wholesale business in the Southwest. Dial's wholesale fuel and lubricant
markets strategically complement our Phoenix Fuel operations. The
combination will geographically expand our existing markets and provide us
with a platform for additional profitable growth. We also believe that
synergies can be obtained by more effectively utilizing our Refining,
Phoenix Fuel and Dial Oil transportation fleets."

"We believe that Dial's retail sites are well located and compliment
Giant's existing retail stores in the Four Corners area. We further believe
our marketing programs, when integrated with those of Dial's, will provide
us excellent opportunities to continue to grow both fuel volume and
merchandise sales."

Holliger continued, "We recently announced that we are in the process of
acquiring a pipeline system to access additional crude oil supplies for our
two New Mexico refineries. When operational, the pipeline should have
sufficient crude oil transportation capacity to allow us to again operate
both refineries at maximum rates. Although we plan to continue to purchase
a large portion of Phoenix Fuel's and Dial's fuel needs from third-party
suppliers, this acquisition serves as another stepping-stone to optimally
balance our supplies between our own refineries and third-party sources. We
believe that effectively managing the distribution of finished products in
the fast-growing Southwest market will maximize the overall profitability
of all our assets."

Giant Industries, Inc., headquartered in Scottsdale, Arizona, is a refiner
and marketer of petroleum products. Giant owns and operates one Virginia
and two New Mexico crude oil refineries, a crude oil gathering pipeline
system based in Bloomfield, New Mexico, which services the New Mexico
refineries, finished products distribution terminals in Albuquerque, New
Mexico and Flagstaff, Arizona, a fleet of crude oil and finished product
truck transports and a chain of retail service station/convenience stores
in New Mexico, Colorado, and Arizona. Giant is also the parent company of
Phoenix Fuel Co., Inc., an Arizona wholesale petroleum products
distributor. For more information, please visit Giant's website at
www.giant.com.

This press release contains forward-looking statements that involve known
and unknown risks and uncertainties. Forward-looking statements are
identified by words or phrases such as "believes," "expects,"
"anticipates," "estimates," "should," "could," "plans," "intends," "will,"
variations of such words and phrases, and other similar expressions. While
these forward-looking statements are made in good faith, and reflect the
Company's current judgment regarding such matters, actual results could
vary materially from the forward-looking statements. Important factors that
could cause actual results to differ from forward-looking statements
include, but are not limited to: the risk that we will not be able to grow
our wholesale business in the Southwest, the risk that Dial's wholesale
fuel and lubricant business will not compliment our Phoenix Fuel
operations, the risk that the Dial acquisition will not result in
additional profitable growth, the risk that we will not realize projected
synergies between our existing operations and Dial's operations, the risk
that Dial's retail operations will not compliment our existing retail
operations, the risk that we will not be able to grow fuel volumes and
merchandise sales at the Dial retail stores, the risk that the pipeline
system acquisition will not be consummated, the risk that we will not be
able to optimally balance our supplies between our own refineries and third
party sources, the risk that we will not be able to effectively manage the
distribution or finished products and, thereby maximize the overall
profitability of all our assets, and other risks detailed from time to time
in the Company's filings with the Securities and Exchange Commission. All
subsequent written and oral forward-looking statements attributable to the
Company, or persons acting on behalf of the Company, are expressly
qualified in their entirety by the foregoing. Forward-looking statements
made by the Company represent its judgment on the dates such statements are
made. The Company assumes no obligation to update any forward-looking
statements to reflect new or changed events or circumstances.