Does the CERCLA "petroleum exclusion" apply to release reporting under Section 304 of Title III, since "petroleum including crude oil or any fraction thereof" is exempt from reporting under Section 103 of CERCLA?

No.  "Petroleum" is exempted generally from CERCLA responsibilities since it is excluded from the definition of a "hazardous substance" under Section 101(14) and "pollutant or contaminant" under Section 101(33) of CERCLA.  Because no such exclusion exists under Title III, if extremely hazardous substances are present in petroleum, those substances are subject to applicable emergency planning and release notification requirements under Title III.