Fuel: scent a strike coming up (8)

I believe the answer is:

paraffin

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'fuel' is the definition.
(I know that paraffin is a type of coal oil)

I cannot understand how the remainder of the clue works.

Can you help me to learn more?

(Other definitions for paraffin that I've seen before include "Kerosine" , "Kerosene" , "Possibly oil" , "Petroleum product" , "Waxy flammable substance" .)

I've seen this clue in The Telegraph.

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