The purpose of this paper is to ponder upon various crises that Pakistan State Oil (PSO) was facing, so that learners can critically analyze, assess and design strategic solutions for it. PSO was the state-run market leader in the petroleum industry. The company had been struggling to combat multiple types of turmoil at a time. Its huge fund of receivables was blocked in circular debt that caused the company budget constraints and deficits. Due to a government policy shift, the demand for its furnace oil substantially reduced and profits plummeted. The countless internal and external crises posed severe menace to its competitive position vis-a-vis its rivals. This qualitative case study garners data from eight interviews from senior managers in the petroleum industry and adds content analysis technique to acquire pertinent data from renowned media sources and subsequent analysis. The drastic crises left PSO with dearth of funds and declining profitability. Consequently, due to limited marketing budget, creativity of its marketing team for devising effective marketing programs to raise market share was compromised. PSO underwent the issues of brand sustainability, sustainable growth, customers and employees’ loyalty, and market stature to financial and leadership crises. However, despite limitations, it still enjoyed a market leadership position among its rivals in the industry by occupying more than half of the chunk of market in the petroleum industry. This is a unique case study of a state-owned giant company facing multidimensional menaces. It offers tremendous learning opportunities for students who can devise creative strategic solutions and link theories and models with practice.