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When I add fuel to the tank for the first ride of the year, the petcock drips fuel.
This lasts for a couple of hours, then slowly gets better. After the first time out it's okay the rest of
the riding season.

I suspect it has to do with the seals getting dried out over winter, and needing to swell back up again.

My question is, would rebuilding the petcock help with this or should I just replace the petcock?

A rebuild would probably take care of it.

I just had to put a new O-ring in mine & it fine.

It’s not a bad idea to take them out and clean the pickup screens too. They can get pretty corroded and nasty.

Petcock rebuild is super easy. I usually order the cheapest petcock online then use the seals from it, remember to grease when you put the tap back in. Makes it operate smoothly

Just rebuild the petcock. Super simple and cheap.