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If it's leaking from the fuel line connection, yes.. replace the fuel line.
Often, decent looking lines are cracked internally and will leak, cheapo hose clamps will cut through fuel lines, causing them to leak.
It can be hard to identify the exact place where fuel is leaking, but.. that's what you need to do first. Clean and dry everything, then have an assistant crank it over (pull the main coil wire so it won't start), and you watch for the first sign of leakage, figure out where it's coming from, and fix it.
Someone here might tell you about fuel pressure being too high. I've never had that problem. I've had a lot of old Volvos with aftermarket fuel pressure regulators installed, and that's the first thing I've ever removed and thrown in the trash. The float valves should hold fine for any pressure a mechanical pump offers it.. if it doesn't, clean them float valves. A new float valve does not a sealing float valve make. I expect I'll take a beating for saying that, but I'm stickin' to it.
Cleanliness and attention to detail are the main thing here, and always keep a fire extinguisher nearby... seriously. Don't leave home without one if driving an SU equipped Volvo.
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-Matt I ♥ my ♂
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