Leaking gas valve?

[Skylark]

I could smell gas from the locker so investigated. The valve has a yellow plastic pip (can’t think of a better description), shown in the zoomed picture. Gas is leaking from it. Anyone know if I simply need to replace the valve or if this is an indicator of another problem?

 

[VicS]

Difficult to be certain with such a small picture but I think that is a basic GOK caravan regulator.

Gas leaking from the yellow "pip" suggests that the diaphragm is punctured.

Replace the regulator ........no compromises when it comes to gas safety.

Consider replacing it with a "marine" Annexe M regulator which will have a few extra features compared with a caravan type

Note it is recommend that regulators should be replaced after 10 years and hoses after 5 years , although we all know they will last longer.
Both should be labelled with the date of manufacture.