White plumber's tape is made of PTFE (polytetrafluoroethylene) which is a very inert polymer that's resistant to just about anything, petroleum products included. The white color signifies the least thickness, so it is to be used for sealing NPT threads up to 3/8 inch. That's in plumbing. You will be using it to a different spec if you use it with petroleum product, so my guess would be to use it on even smaller pipes or get yellow PTFE tape instead.
If this is for a really serious job with lives and property at stake, you should get yourself a copy of the British Standard BS 7786:2006 (
Polytetrafluoroethylene, Tape, Sealing materials, Grades (quality), Dimensions, Mass, Length, Thickness, Width, Temperature, Chemical composition, Performance, Leak tests, Visual inspection (testing), Performance testing, Marking, Packaging, Lubricant additives, Determination of content, Dimensional measurement, Wrapping tests </q>
At only £ 96.00 it must be some very interesting read. I don't have a copy of the standard. I honestly never needed to know much more than the fact that it resists anything I can ever come across and does not work on pipes larger than 3/8" (need thicker yellow colored PTFE tape for larger pipes up to 2").