Preheat the oven to 350˚F/175°C. Line 2 8-inch round baking pans with parchment paper or grease well with cooking spray.
In a large bowl, whisk flour, baking powder, baking soda and salt together to combine. Set aside.
In a large mixing bowl using an electric hand mixer (or stand mixer), beat oil and sugar on medium speed for 6 minutes until fluffy and light. Add eggs, one at a time, beating well with each addition until fully incorporated. Make sure to scrape down the bowl if needed. Add vanilla extract and beat until combined.
On a medium speed, add half of the flour mixture to the wet mixture, turn the mixer to low speed and then slowly pour in the milk, followed by the rest of the dry ingredients. The batter should be smooth and completely incorporated. Avoid overmixing.
Divide batter evenly into your prepared cake pans, and bake on the center rack at 350˚F (175˚C) for 30-35 minutes, until a toothpick inserted in the center comes out clean with a few moist crumbs.
Allow the cake to cook in cake pans for 10-15 minutes before transferring to cool completely on a wire rack. The cake must be cool completely or chilled in the fridge for at least 1 hour before applying frosting.