No visible working ignition source: How it that bic supposed to ignite something? You hope the guy idly flicks it?

Liquid fuel: Only thing capable of exploding is the vapors, which are almost certainly not at the correct fuel/air ratio to combust, much less explode. Even Molotovs dont explode, and you aerosolize that mixture with the impact.

No pressure vessel: Lets assume the first two dont apply. The body of the bomb is an unsealed pladtic petrol can. Should any pressure build up in there it'll either vent out the rag hole, or pop the plastic along the seam without propelling anything. You have to have a pressure wave to have a boom by definition, This would just kinda burn itself into a puddle.

This barely qualifies as an incindiary device, much less an "explosive". A bag of unsecured fireworks in the trunk is more dangerous.