Preheat oven to 400°F and line a cupcake pan with cupcake liners.
In a medium bowl, add the flour, baking powder, baking soda, and salt. Whisk to combine and set aside.
In a large bowl, add the hot (boiling) water and the cocoa powder. Whisk to combine and allow to sit for 2 minutes. This lets the cocoa powder bloom.
After the cocoa is bloomed in the water, add the oil and sugars. Whisk to incorporate. Add the eggs and vanilla extract and whisk. Whisk vigorously for about 2 minutes to aerate the batter a bit.
Add the dry ingredients to the wet and mix together until just combined. Do not over mix as this will create a tough cupcake. Evenly distribute the batter amongst the cupcake pan, filling each about 2/3 of the way up. This batter will make 16-18 cupcakes, so you will probably have to bake two batches.
Put the cupcakes in the preheated oven and immediately adjust the temperature to 350°F. Starting the cupcakes out in a hotter oven allows them to rise better which is why we preheat the oven to 400°F but then change the temperature to 350°F as soon as we put the cupcakes in the oven.
Bake for 12-15 minutes or until a toothpick inserted in the center comes out clean. Allow to cool before frosting.