The oil pressure relief valve sticking / not sealing and fluctuating gauge readings is a regular discussion topic of owners for the 1.8 petrol engine and is regularly discussed on the MG forums. Some of the engine is common between petrol and diesel, some isn't, however I'd assume that at least the problems will be generic. The link below should pull up lots of the recent discussion threads. If not then go to mgexp.com, select the MGB forum and type relief valve into the search box.
http://www.mgexp.com/phorum/search.php?1,search=relief+valve,author=,page=1,match_type=ALL,match_dates=365,match_forum=1,match_threads=1