According to Wikipedia, "kerosene" is the more correct term. We in the United Kingdom are almost unique in the English–speaking world in calling it paraffin, although "Liquid paraffin (called mineral oil in the US) is a more viscous and highly refined product which is used as a laxative."
Kerosene is widely used to power the jet engines of aircraft, and some rocket engines. It's also commonly used as a cooking and lighting fuel.
© Haydn Thompson 2017