Thanks MadeInJapan for bulleyes tip as indeed it was due to the O2 sensor. I did more search and found out this triangle icon with Lambda refers to the "catalytic converter with lambda sond", makes sense now, as Klaus (Thanks) points out.
Due to a recent fuel price increase (Hurr.Katarina) to >$5 us gallon, I used regular unleaded instead of supreme in my V70 and the deposits caused the 02 sensor to trip the warning light. A nearby volvo shop kindly cleared the alarm for me and I learned that saving on gas might not be wise afterall. Thanks to both of you for your help.
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