That should be your problem, it couldn't be anything else (although w/ electrical that's not necessarily true, electrical issues aren't always logical. especially intermittent ones). It should be cause and effect. I'd buy a can of electrical cleaner and give that area a spray. Let it soak in, and after a few hours turn the dial back and forth a few times. Shutter buttons will do this on older cameras too and the same thing works for them. A lot of times the contacts just get a film on them over time from the ambient air and humidity.
Alternately, you could spray some electrical contact cleaner on a toothpick or small brush and dab it in the right areas. Sometimes just lighter fluid will work. Some cans of aerosol electrical cleaner contain a red or blue sort of dye, but if it has that it will say so on the label. For this type of thing I always go to automotive parts houses, those folks have a lot more product knowledge than your neighborhood hardware store workers.