In a large bowl, whisk together the flour, sugar, baking powder, and salt.
In another bowl, whisk the eggs, then add the milk and vanilla extract, and mix well.
Pour the wet ingredients into the dry ingredients and stir until just combined, forming a thick batter. Avoid overmixing, as it can affect the final texture.
In a deep skillet or pot, heat the oil over medium-high heat until it reaches approximately 340°F (170°C).
Drop spoonfuls of batter into the hot oil, and fry until golden brown, about 2-3 minutes per side. Do not overcrowd the pan to ensure even cooking.
Remove the panikeke with a slotted spoon and place them on a paper towel-lined plate to drain excess oil.
Serve warm, dusted with powdered sugar, drizzled with honey, or topped with fresh fruit.
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