<PAGE>

                                                                    EXHIBIT 99.2
 
                         NOTICE OF GUARANTEED DELIVERY
 
                       FOR 9 1/8% SENIOR NOTES DUE 2006
                          OF WAINOCO OIL CORPORATION
 
  As set forth in the Prospectus dated         , 1998 (the "Prospectus") of
Wainoco Corporation (the "Company") and in the Letter of Transmittal (the
"Letter of Transmittal"), this form or a form substantially equivalent to this
form must be used to accept the Exchange Offer (as defined below) if the
certificates for the outstanding 9 1/8% Senior Notes due 2006 (the "Old
Notes") of the Company and all other documents required by the Letter of
Transmittal cannot be delivered to the Exchange Agent by the expiration of the
Exchange Offer or compliance with book-entry transfer procedures cannot be
effected on a timely basis. Such form may be delivered by hand or transmitted
by facsimile transmission, telex or mail to the Exchange Agent no later than
the Expiration Date, and must include a signature guarantee by an Eligible
Institution as set forth below. Capitalized terms used herein but not defined
herein have the meanings ascribed thereto in the Prospectus.
 
     TO: CHASE BANK OF TEXAS, NATIONAL ASSOCIATION (THE "EXCHANGE AGENT")

<TABLE>
<CAPTION> 

<S>                                <C>                            <C> 
    By Hand or Overnight                    Facsimile                By Registered or
         Delivery:                        Transmissions:              Certified Mail:  
       Chase Bank of               (Eligible Institutions Only)        Chase Bank of
       Texas,National                                                  Texas,National
        Association                       (214) 672-5932                Association
       One Main Place                                                  P.O. Box 2320
 1201 Main Street, 18th Floor                                     Dallas, Texas 75221-2320
     Dallas, Texas 75202                                            Attention: Frank Ivins
   Attention: Frank Ivins                                           Registered Bond Events
   Registered Bond Events
 
                                   To Confirmation by Telephone
                                     or for Information Call:
                                          (214) 672-5678
 
</TABLE> 

  DELIVERY OF THIS INSTRUMENT TO AN ADDRESS OTHER THAN AS SET FORTH ABOVE DOES
NOT CONSTITUTE A VALID DELIVERY. THE METHOD OF DELIVERY OF ALL DOCUMENTS,
INCLUDING CERTIFICATES, IS AT THE RISK OF THE HOLDER. IF DELIVERY IS BY MAIL,
REGISTERED OR CERTIFIED MAIL WITH RETURN RECEIPT REQUESTED, PROPERLY INSURED,
IS RECOMMENDED. THE INSTRUCTIONS ACCOMPANYING THE LETTER OF TRANSMITTAL SHOULD
BE READ CAREFULLY BEFORE THIS NOTICE OF GUARANTEED DELIVERY IS COMPLETED.
 
  This Notice of Guaranteed Delivery is not to be used to guarantee
signatures. If a signature on a Letter of Transmittal is required to be
guaranteed by an Eligible Institution under the instruction thereto, such
signatures must appear in the applicable space provided on the Letter of
Transmittal for Guarantee of Signature(s).
<PAGE>
 
Ladies and Gentlemen:
 
  The undersigned acknowledges receipt of the Prospectus and the related
Letter of Transmittal which describes the Company's offer (the "Exchange
Offer") to exchange $1,000 in principal amount of a new series of 9 1/8%
Senior Notes due 2006, Series A (the "Exchange Notes") for each $1,000 in
principal amount of the Old Notes.
 
  The undersigned hereby tenders to the Company the aggregate principal amount
of Old Notes set forth below on the terms and conditions set forth in the
Prospectus and the related Letter of Transmittal pursuant to the guaranteed
delivery procedure set forth in the "The Exchange Offer--Guaranteed Delivery
Procedures" section in the Prospectus and the accompanying Letter of
Transmittal.
 
  The undersigned understands that no withdrawal of a tender of Old Notes may
be made on or after the Expiration Date. The undersigned understands that for
a withdrawal of a tender of Old Notes to be effective, a written notice of
withdrawal that complies with the requirements of the Exchange Offer must be
timely received by the Exchange Agent at one of its addresses specified on the
cover of this Notice of Guaranteed Delivery prior to the Expiration Date.
 
  The undersigned understands that the exchange of Old Notes for Exchange
Notes pursuant to the Exchange Offer will be made only after timely receipt by
the Exchange Agent of (i) such Old Notes (or Book-Entry Confirmation of the
transfer of such Old Notes into the Exchange Agent's account at The Depository
Trust Company (the "Depositary" or "DTC")) and (ii) a Letter of Transmittal
(or facsimile thereof) with respect to such Old Notes, properly completed and
duly executed, with any required signature guarantees, this Notice of
Guaranteed Delivery and any other documents required by the Letter of
Transmittal or a properly transmitted Agent's Message. The term "Agent's
Message" means a message transmitted by the Depositary to, and received by,
the Exchange Agent and forming part of the confirmation of a book-entry
transfer, which states that the Depositary has received an express
acknowledgment from each participant in the Depositary tendering the Old Notes
and that such participant has received the Letter of Transmittal and agrees to
be bound by the terms of the Letter of Transmittal and the Company may enforce
such agreement against such participant.
 
  All authority conferred or agreed to be conferred by this Notice of
Guaranteed Delivery shall not be affected by, and shall survive, the death or
incapacity of the undersigned, and every obligation of the undersigned under
this Notice of Guaranteed Delivery shall be binding upon the heirs, executors,
administrators, trustees in bankruptcy, personal and legal representatives,
successors and assigns of the undersigned.
 
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<PAGE>
 
                           PLEASE SIGN AND COMPLETE
 
Signature(s) of Registered Owner(s) or Authorized Name(s) of Registered
Holder(s)
 
Signatory:
          ---------------------------     -------------------------------------
 
 
-------------------------------------     -------------------------------------
 
 
-------------------------------------     -------------------------------------
 
                               
Principal Amount of Old Notes             Address:
Tendered:                                          ----------------------------
 
 
-------------------------------------     -------------------------------------
 
 
Certificate No(s) of
Old Notes (if available):                 Area Code and Telephone No.:
                                                                      --------- 
 
 
-------------------------------------     If Old Notes will be delivered by
                                          book-entry transfer
 
-------------------------------------     at The Depository Trust Company,
                                          insert
 
-------------------------------------
 
                                                                                
Date:                                     Depository Account No.:               
      -------------------------------                             --------------
 
  This Notice of Guaranteed Delivery must be signed by the registered
Holder(s) of Old Notes exactly as its (their) name(s) appears on certificates
for Old Notes or on a security position listing as the owner of Old Notes, or
by person(s) authorized to become registered Holder(s) by endorsements and
documents transmitted with this Notice of Guaranteed Delivery. If signature is
by a trustee, executor, administrator, guardian, attorney-in-fact, officer or
other person acting in a fiduciary or representative capacity, such person
must provide the following information.
 
                     PLEASE PRINT NAME(S) AND ADDRESS(ES)
 
Name(s):     ---------------------------------------------------------------
 
             ---------------------------------------------------------------
 
             ---------------------------------------------------------------
 
Capacity:    ---------------------------------------------------------------   
 
Address(es): ---------------------------------------------------------------   
 
             ---------------------------------------------------------------
 
             ---------------------------------------------------------------
 
             ---------------------------------------------------------------
 
DO NOT SEND OLD NOTES WITH THIS FORM. OLD NOTES SHOULD BE SENT TO THE EXCHANGE
AGENT TOGETHER WITH A PROPERLY COMPLETED AND DULY EXECUTED LETTER OF
TRANSMITTAL.
 
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<PAGE>
 
                                   GUARANTEE
                   (NOT TO BE USED FOR SIGNATURE GUARANTEE)
 
  The undersigned, a member firm of a registered national securities exchange
or of the National Association of Securities Dealers, Inc. or a commercial
bank or trust company having an office or a correspondent in the United
States, or otherwise an "eligible guarantor institution" within the meaning of
Rule 17Ad-15 under the Securities Exchange Act of 1934, as amended, hereby (a)
represents that each holder of Old Notes on whose behalf this tender is being
made "own(s)" the Old Notes covered hereby within the meaning of Rule l3d-3
under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and
(b) guarantees that, within three New York Stock Exchange trading days from
the expiration date of the Exchange Offer, a properly completed and duly
executed Letter of Transmittal (or a facsimile thereof), together with
certificates representing the Old Notes covered hereby in proper form for
transfer (or confirmation of the book-entry transfer of such Old Notes into
the Exchange Agent's account at The Depository Trust Company, pursuant to the
procedure for book-entry transfer set forth in the Prospectus) and required
documents will be deposited by the undersigned with the Exchange Agent.
 
  The undersigned acknowledges that it must deliver the Letter of Transmittal
and Old Notes tendered hereby to the Exchange Agent within the time period set
forth above and that failure to do so could result in financial loss to the
undersigned.
 
 
Name of Firm:________________________     _____________________________________
                                                  Authorized Signature
 
 
Address:_____________________________     Name:________________________________ 
                                                                                
 
 
_____________________________________     Title:_______________________________ 
                                                                                
 
 
Area Code and Telephone No.:_________     Date:________________________________ 
                                                                                
 
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