Oliver Jones, from Innellan, was crossing the A815 which runs through the village when he struck by a Renault truck at about 16:15 hours on Tuesday.
He was taken by ambulance to Dunoon General Hospital and later transferred to the Queen Elizabeth University Hospital in Glasgow where he died.
The 56-year-old man who was driving the tanker was not injured.
Police have appealed for witnesses.
Police have released the name of a 12-year-old boy who died after being hit by a tanker in Argyll and Bute.