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The fuel pressure regulator is at the end of the fuel rail. If you've got the hood open, the fuel rail is the tube that goes from the firewall to the front of the engine just to the right of the valve cover. There's 4 taps for the injectors on the rail. At the front of the engine the rail ends at the fuel pressure regulator. It kinda looks like the old vacuum advance on a distributor, and in fact has a vacuum line attached to it. On the back side of the regulator is the non-metal (rubber?) fuel return line that goes back to the tank. Before you do any parts changing, make sure that return line is unrestricted. Remove the return line from the back of the regulator and blow into it. In a couple of seconds you should be able to hear/feel bubbles in the tank. If you can't blow through it, your return line is restricted causing pressure to build up.
If you're a tool junkie like myself and you want a fuel pressure tester, you're going to have to do a little leg work. Unfortunately, Volvo didn't use a schraeder valve on their fuel line, so you've got to buy theirs or build one from parts. The fuel pressure tester from Volvo is insanely priced at about $200 American. Or you can build one from a generic fuel pressure tester that you can pick up at your local auto parts store (about $25) and a couple of parts from Volvo (about $45). If you want to go this route, let me know and I'll get the Volvo part numbers for you. I've also heard of some people cutting the line to the fuel rail and teeing in a fitting that will allow you to use a generic fuel pressure tester. Personally, that makes me nervous. If you buy a tester from the store, make sure it goes to at least 100 psi.
But if you want to take a chance and just replace the regulator, it'll cost about $45 from Volvo.
Removal and replacement is a piece of cake. Disconnect the fuel rail at the regulator (be sure to wrap a rag around the junction when you do this because you will have gas spewing out), disconnect the return line, remove the vacuum line at the front of the regulator, and unscrew the regulator mounting bracket. Installation is the reverse of removal.
If you don't already have it, get the Bentley manual for the 240. All of the above information is explained in much greater detail with pretty pictures.
Good luck.
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