The puertorican slang as used in the song by Daddy Yankee has always meant that you like to " cruise" or go out on the streets in a car, or other motorized vehicle.
In my experience, it was never used to represent semen/sperm/ejaculation.
Slang example - "A ella le gusta la gasolina"
Direct translation - "She likes fuel"
Actual interpretation - "She likes to roll/cruise" or " hit the streets"
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