Abstract: A pressure regulator having a conduit with a plurality of adjustable valves inserted reversibly into the conduit. The valves are aligned along the axis of water flow. The interior of the conduit is divided into an inlet chamber and outlet chamber by a septum. The valves are inserted into the inlet chamber, and valve seats protrude through holes in the septum into the outlet chamber, thereby sealing the inlet chamber from the outlet chamber. Fluid flows into the conduit, into the inlet chamber, through the open valve, into the outlet chamber, and then flows out of the conduit. The valves regulate fluid pressure in the outlet chamber. The degree of pressure regulation can be adjusted for each valve by turning pressure adjustment knobs on the top of the valves to produce precise regulation of pressure and fluid flow. A conduit plug can replace a valve in the conduit.