Petrol isn't absorbed well by the gut and will eventually pass through your intestines and out the other side.
The problem is that it is a strong stomach irritant and can cause vomiting. And when you vomit liquid petrol, it can easily end up in your lungs as a petrol vapor. This is when it becomes dangerous.
In the lungs, petrol vapor takes the place of oxygen and destroys lung surfactant (a natural soapy substance made by the lungs that is crucial in keeping the air sacs from collapsing). Very few people end up with severe aspirations, but when they do, they can die.
Treatment options in the ED are to give oxygen and, in severe cases, intubate patients and put them on a ventilator, and support them while their lungs first fail, then hopefully mend.
It's better not to get a mouthful of petrol in the first place. But if it were to happen to you, contact 0800POISON for detailed advice from the New Zealand National Poisons Centre.