NDA convenor and JDU President Sharad Yadav said that all the partners of the opposition alliance have been consulted in this regard.
The alliance will also be talking to other parties for their support to the Bharat bandh.
Rejecting Government's argument that the hike in petrol prices has been done by petroleum companies as the pricing of petrol stands deregulated, Yadav said, "This is an eyewash... We (NDA) are going to observe a Bharat bandh on May 31."
He asked why the hike in petrol prices was not announced when Parliament was in session and why oil companies did so the very next day after the session got over.
"Government has washed his hands off the decision on price hike but in reality it happens only when the Government wants. The Government will also be increasing prices of diesel and LPG after the Presidential elections get over," Yadav said.
The JD(U) chief accused the Government of being a "total failure" in checking prices of essential commodities.
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"Common people are suffering due to wrong policies of the UPA Government. Prices of commodities are rising uncontrollably making it difficult for an average Indian to make both ends meet," he said.
This Government is pro-rich and not bothered about the poor, he charged.
Yesterday, oil PSUs had increased the price of petrol by Rs 7.50 per litre.