Black smoke = too much fuel.
Grey smoke = burning oil.
Also got a very strong smell that doesnt quite smell the same as other exausts, its hard to explain. (its petrol smell mixed with exhaust plus is quite "sweet"). If i drive long distance or between 60-80kmph I get 500km to a 45l tank. If I drive anything above 120 and is in normal traffic I get 380-420km per tank. And I do find if driving at 120-130kmph and put down foot smoke comes (that I can see from my mirror) and the car accelarates alot for a small 160i even at these speeds).
I'm not familiar with the fuel consumption on the Corsa's but I drive an Etude 160iE and I get 650km on 50 liters combined cycle. About 575km on 50 liters at 140km/h.
So by the sounds of it your engine is being over fueled and running very rich.
The fact that you can smell petrol while it's running only reinforces the assumption that it's being over fueled.
160000 km isn't a lot for a modern engine if it hasn't been thrashed.
Between all the cars I've driven they only start to show major signs of wear after about 250000km.
My suggestion would be to have someone look at the fuel system first before you think about replacing rings or overhauling the engine.