Hi! So I am in a bit of a pickle. I have a 2006 Dodge Charger and I had noticed I was running low on oil (its burning so i am assuming my gaskets are bad). I add more oil and not only is my PSI suddenly dropping to zero, but the check engine light came on for a P0520. Is my sensor bad?
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A couple years ago my 06 magnum rt (5.7 hemi) gave me an oil pressure failure warning. Cel as well. There was no lifter noise. After a lot of panic I determined the pressure sensor was bad. Tried to change it myself but it is so well buried I ended up taking it to the shop and installed a new sensor I got from napa auto parts. It then showed correct oil pressure but continued getting the cel. Turned out only the factory sensor works.
Save some heartburn, swap out the sensor with a mopar part and be sure you have no lifter noise. Good luck.

 

P0520 happens when the PCM gets a signal that is outside the normal range. Usually this is because the sensor is bad. If you have EVIC you can see, usually p0520 shows a pressure rating of 99psi (it pegs out). Since we don't know what engine you have....? Also if it is "burning oil" as you say, this would not be gaskets (unless you have a really really bad external leak). It's either leaking through valve seals or ring blow by.