Absolutely it's something to be concerned about. When that light turns on you're supposed to stop the engine immediately and coast to the side of the road. Until the cause is determined, you don't know if it's as simple as a defective sending unit or as serious as the oil level is low due to a leak. I just answered a similar question yesterday for a person who destroyed their engine by forcing it to run with no oil when they knew they had a leak. That damage took a few miles to occur.
At the mileage you listed there is going to be a lot of wear to the engine bearings. Using a thicker viscosity oil than what is recommended will overcome that for a long time. If the specified oil or a lighter viscosity oil was used recently, that will contribute to low oil pressure. In that case all the critical components are still getting fed with oil but further down the line some items will not get the desired lubrication they need. Any engine damage would be your fault for continuing to drive the vehicle like that.
The first thing to do is check the oil level. If it is low, add enough to fill it, then have it checked for leaks. If the level is still okay, have the actual oil pressure checked with a mechanical gauge. If the pressure proves to be acceptable, suspect the oil pressure sending unit.
Tuesday, December 31st, 2013 AT 10:11 AM