The aim of this work is to describe the conditions in which petroleum products (fuels) are corrosive to metals; corrosion mechanisms in petroleum products; which parts of storage tanks containing crude oils and petroleum products undergo corrosion; dependence of corrosion in tanks on type of petroleum products; how fuel additives and oxygenates improve properties of fuels; how microorganisms take part in corrosion of tanks and pipes containing petroleum products; which corrosion monitoring methods are used in systems for storage and transportation of petroleum products; what corrosion preventive and control measures should be chosen; how to choose coatings for inner and outer surfaces of tanks containing petroleum products; cases of typical and unusual corrosion of tanks; bifouels (bioalcohols and biodiesel); and how different components of fuels (including oxygenates and aromatic solvents) and biofuels influence metallic and polymeric materials.