That's not how democracy works. If there is a referendum, and you don't like the result, you don't just do a second referendum. If you'd do that, you could achieve any result you want, just by doing it over and over until. Due to voter's fatigue and/or daily sentiment, results will vary, so you can pick a result by deciding when to stop. It might make sense (though still be questionable) to repeat the vote if major f…
Democracy works however the people subject to it decide it works. To the extent that's not true, it's not democracy at all.
The petition is signed by fewer folks than those that voted to remain in the EU, so it could "just" be a fraction of those that already voted calling for a second referendum. That's not the same as the people collectively deciding something different than before.