With gasoline you must watch the fumes for the most part.
And yes, there is a difference between combustible, flammable, flashpoints, and other features of various liquids as far as when and how it will ignite and/or burn.
But, say that to someone who has welded on a diesel tank and had it blow on them. Terminology isn't the critical part of the equation when your life may be on the line.
Brent
edit: I said what I meant, gasoline. Just forgot to add that diesel ignites differently but as John mentioned, around Oxy it is serious. So, a torch that has fallen into diesel, get it clean before using.