Teflon tape is Teflon tape. It's "all" rated for hydrocarbon use. Teflon (PTFE) is essentially inert around most chemicals.If you must use teflon tape there or on an oil pressure sending unit, use the yellow hydrocarbon rated stuff.
Different brands produce/sell it in different colors; which within each brand may or may not have some sort of meaning.
The yellow stuff is thicker than the typical very-thin white stuff. Takes fewer wraps to fill the space between pipe threads which tend to be very coarse. The yellow stuff--being thicker--is therefore somewhat easier to apply.