If the eml light is still on it has probably locked the car in limp mode. Your going to need a garage with the diagnostic tools to re set the fault code that the car has registered on the computer....keep your eye on the oil level on this car they are known and it is considered acceptable for the ictdi engine to use a liter of oil in 600 miles!!!!
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Oil light is rather important it goes out if oil pressure is good comes on if oil pressure is low when it comes on damage is expected with continued operation like wearing of main bearings and pistons and cylinders can lead to a engine rebuild
The warning light means the engine oil pressure is low, not necessarily that the oil level is low. The problem could be the pressure switch, or you really could have low oil pressure. Driving the car with low oil pressure will damage the engine.
The CPU has read low oil pressure and has shut down the system to protect the engine which it has done. However it cannot tell when you add oil so to get it to change you will have to reset the CPU.. Possible removing the battery lead for 5-10 minutes will reset or have a code reader instrument reset it.
You didn't say whether or not the car is running hot so I'm guessing here. If it is running hot then the temp switch could shut it down for obvious reasons. So could the oil pressure switch. The oil pressure switch will shut your engine down if the oil pressure drops below a certain point. This is caused by lack of oil pressure. Lack of oil pressure can be caused by low oil level, weak oil pump or oil too thin to lubricate. If the engine is running hot that can thin out the oil to the point of no use to the engine. If you have a high mileage engine and are still using 5W30, 10W30 oil then try upgrading to 10W40, 15W40 or even 20W50.
Your engine could be running lean which would create a hot situation that would cool fairly quickly. If this isn't adressed you can look at catastrophic engine failure in your future.
You could also be looking at an internal problem such as warped heads, bad head gasket, worn out oil pump.
If it was my car, I would be taking to someone to find out the exact reason it is doing this. I would likely take it home and fix it myself but I think you should have a professional diagnose this more accurately. Hope this helps.
If its reading low oil pressure I would first change your oil and filter.A clogged oil filter will cause your oil pressure to drop.Also remove your pressure sending unit and hook up a direct oil pressure guage to see what your actual pressure is.Its very possible that your oil pump could be bad.Those would be the most probable reasons for low oil pressure.The engine shut down means that your your engine has a fail safe to protect your motor from blowing up.
You are losing oil pressure, this means your oil pump is probably out. Don't drive it anymore until you can get that repaired. It's shutting down because it's siezing up. You need the extra power to jump it because the piston rings and wall are sticking together, let it all cool down and the rings contract and loosens up. Allowing the engine to turn.
MY 2002 RAINIER DOES THE SAME THING I HAVE BEEN TOLD IT IS THE THROTTLE BODY. I NEED TO CLEAN IT OR REPLACE IT. I HAVE THE 4.2 AND YOU CAN GET ONE FOR $200 PLUS SHIPPING. THE THROTTLE BODY STARVES THE CAR FOR AIR CAUSING THE IDLE, AND SHUT DOWN PROBLEMS. I AM GOING TO TRY IT THIS WEEKEND.