This is because it will typically take some time before consumers are in a position to (or are prepared to) become less reliant on petrol by selling their petrol-fueled vehicle in exchange for a vehicle (e.g. a electric or hybrid vehicle). This means that, in the short term, owners of petrol-fueled vehicles will be much less to a change in such that any given increase in the price of petrol will have a less than impact on their for petrol. However, over time, consumers will have more time to sell or replace their existing vehicles with more fuel efficient alternatives (such as electric vehicles) or pivot towards a greater reliance on public transport. This will result in the PED being higher in the long run such that any given increase in the price of petrol will be met by a ‘relatively’ larger reduction in the demanded.