Sure enough the o-ring. You can actually see the deformation where it was letting out petrol and loosing pressure.
New pump gave me a heart attack when after I put it all together and added fuel it kept showing empty tank. I filled it up and it still showed empty. And then, as I was mentally preparing to drop the tank again, it suddenly came to life and now shows me a full tank. Hopefully, it will start moving as the fuel level goes down.