I have been trying to figure out this problem from long time but haven't been able to

When I start the car and race it the engine roars and the RPM need swings even above 5000 RPM

On start in first gear the car picks up fast but when I go on higher gear and try to race, it doesn't speed up beyond 60kmph

Some say Piston Ring is leaking, some say O2 sensor is bad. Anyone here can guide what are the possibilities ?

Thanks in advance