Gustavo Petro speaks after his victory in the second round of the presidential election in Bogota, Colombia. Reuters

Petro beat construction magnate Rodolfo Hernandez with an unexpectedly wide margin of more than 700,000 votes in what analysts said was a demonstration of Colombians' eagerness for efforts to combat deep inequality.

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Petro, a former mayor of capital Bogota and current senator, has pledged to fight inequality with free university education, pension reforms and high taxes on unproductive land. He won 50.5% to Hernandez's 47.3%.

Petro's proposals — especially a ban on new oil projects — have startled some investors, though he has promised to respect current contracts.

His victory was likely to cause market jitters until his cabinet is announced, analysts told the media on Sunday.

Supporters of newly elected Colombian President Gustavo Petro celebrate in Bogota. AFP

"From today Colombia changes; Colombia is different," Petro told cheering supporters in Bogota's concert arena. "Change consists precisely in leaving behind sectarianism."

"It is not a time for hate, this government, which will begin on Aug. 7, is a government of life," he said.

Alejandro Forero, 40, who uses a wheelchair, cried as results came in.

"Finally, thank God. I know he will be a good president and he will help those of us who are least privileged. This is going to change for the better," said Forero, who is unemployed.

Thousands of people took to the streets in Bogota to celebrate, with some dancing near its largest polling place under intermittent rain.

This campaign was Petro's third presidential bid and his victory adds the Andean nation to a list of Latin American countries that have elected progressives in recent years.

Petro's victory showed people in Colombia — where nearly half the population lives in some form of poverty — are eager to fight inequality, said Daniela Cuellar of FTI Consulting.

Reuters