The fluid pressure regulating valve is for use in an aircraft engine. The valve has at least a first fluid inlet, a first fluid outlet and a second fluid outlet. The valve comprises: a valve housing having a first valve spool interior cavity; a first fluid path within the valve housing from the fluid inlet to the first fluid outlet; a second fluid path within the valve housing from the fluid inlet to the second fluid outlet; a first valve spool mounted for reciprocal motion within the first valve spool cavity between a first position and a second position, the first valve spool having a second valve spool interior cavity and being spring-biased to its first position; and a second valve spool mounted for reciprocal motion within the second valve spool cavity between a first position and a second position, the second valve spool being spring-biased to its first position, the second valve spool closing the first fluid path at its second position when the first valve spool is substantially at its first position.