Good stuff! I particularly like the two verses that start: way back when I was a kid
and I remember it like it was yesterday
You could even start the song with: way back when I was a kid
then go into: I was born a petrol head
which feels like your chorus.
I'm less keen on the A,A,B,B,B rhyming scheme, though granted that other people will see if differently.
You could try repeating your title line within the chorus: I was born a petrol head
I love the smell of gasoline
brought up on gas with lead
daddy loved hot rod magazines
he had oil all over his jeans
I love the smell of gasoline
which would make it A,B,A,B,B,B
I do like the way that "I love the smell of gasoline" follows on from "he had oil all over his jeans" - makes it make sense.
The part that goes: gotta make sure juice is getting through
would make a nice bridge with a different melody.