The initial boiling point for petroleum ether is 30 °C therefore it is better to do your extraction close to this temperature. 40-60 deg. C. if fine but try not to exceed it otherwise you extract other materials that you don't need. good lock.
I would go for the 60-80 fraction as it will reduce the build up of vapour pressure during the shaking, also it is more easy to pipette out.
Be careful of the phrase "solvent extraction" it also includes the extraction of metals by things like TBP and DEHPA, if you are doing the later then I would use the highest boiling point fraction. Solvent 70 is a good example of a diluent for the extraction of metals.
your answer confuses me. Mr. Mandavkar is interested in Pet. Eth. which boils between 30-60 deg. C. and you are suggesting to go for the highest temp. how come?
The temp should be room temp. i.e., between 25- 35 deg depending on location. But more precisely 28-30 deg would be ideal, bcoz solvent degradation may be there at high temp.