In this article, we present the possibility of using terahertz time-domain spectroscopy to detect trace, ppm-level (%wt.) concentrations of admixtures in 95-octane lead-free gasoline in straightforward time-of-flight (pulse-delay) measurements performed directly in the liquid. The method was tested on samples containing 75–0.0125% of isopropanol and 0.3–0.0250% of water. The detection limits for isopropanol and water content were determined to be 125 ppm and 250 ppm, respectively, approaching the limits of much more complicated and time-consuming methods (like spectroscopy of the vapor phase). The measured pulse delays were compared with theoretical calculations using the modified Gladstone-Dale mixing rule for the solutions. The comparison demonstrated good agreement for gasoline-alcohol mixtures and large discrepancies for gasoline-water mixtures, suggesting that gasoline-water mixtures cannot be considered idealized binary mixtures. Our results clearly show that the pulse time delay measurement by THz-TDS is a fast and sensitive method of gasoline contamination detection and, as such, can be easily integrated with industrial online real-time quality control applications.