As petrol and diesel prices continued to touch new highs in the national capital and other metros, the stocks of the oil and gas sector in the Indian equity market extended their gains.

On Wednesday, the S&P BSE oil and gas index closed higher by 0.15 per cent, with scrips of oil and petroleum majors like GAIL, Oil and Natural Gas Corporation (ONGC), Oil India (OIL), Indian Oil Corporation (IOC) and Petronet LNG in the lead.

Shares of GAIL ended higher by 2.59 per cent, followed by ONGC (up 1.62 per cent), OIL (up 1.12 per cent), IOC (up 0.84 per cent) and Petronet (up 0.65 per cent).

On January 18, the diesel price in the national capital rose to a record high of Rs 62.25, while petrol edged up to Rs 71.56 a litre, its highest level in over three years.

On Wednesday, the prices kept spiralling and touched new highs with petrol being sold at Rs 72.43 per litre in Delhi followed by Rs 80.30 in Mumbai, Rs 75.13 in Kolkata and Rs 75.12 in Chennai.

Similarly, diesel prices, which have been touching new levels, shot up further on Wednesday across all major cities.

In Delhi, diesel was sold at Rs 63.38 per litre. In Kolkata, Mumbai and Chennai, it cost Rs 66.04, Rs 67.50 and Rs 66.84 a litre respectively.