Prep the pans and oven. Heat the oven to 350°F (175°C).
Grease two or three 8-inch pans, line with parchment, and grease again. Lightly flour or use baking spray. You’ll be baking 8–10 thin layers in rounds, reusing the pans.
Whisk dry ingredients. In a bowl, whisk flour, baking powder, and salt until well combined.
Set aside.
Cream butter and sugar. In a large bowl, beat the butter and sugar until light and fluffy, about 3 minutes. Add eggs one at a time, beating well after each. Mix in vanilla and oil.
Finish the batter. Add the dry ingredients in three parts, alternating with the milk, starting and ending with dry.
Mix on low just until smooth. The batter should be pourable but not runny.
Divide for thin layers. You’re aiming for 8–10 layers. For 8-inch pans, each layer will take about 1/2 to 2/3 cup of batter.
Spread thinly to the edges with an offset spatula.
Bake quickly. Bake each batch 8–10 minutes, until the edges are lightly golden and a toothpick comes out clean. Cool the layers a few minutes in the pan, then turn out onto racks. Keep parchment on until you’re ready to stack to prevent sticking.
Make the frosting. In a medium saucepan, combine sugar, evaporated milk, butter, cocoa, and a pinch of salt.
Bring to a gentle boil over medium heat, stirring often. Simmer 3–4 minutes, stirring, until smooth and slightly thickened. Remove from heat and stir in vanilla.
Get the texture right. Let the frosting cool 10–15 minutes.
It should be warm, glossy, and spreadable—not runny. If it thickens too much, warm it slightly; if it’s thin, let it sit a few more minutes.
Stack the layers. Place the first cake layer on a serving plate. Spread a thin, even coat of warm frosting over the top, letting some spill over the edges.
Repeat with each layer. Keep layers level and frosting thin so it doesn’t slide.
Finish the sides. Use remaining frosting to cover the sides. Don’t worry about a perfectly smooth finish; this cake looks charming with a slightly rustic coat.
Let it set. Allow the cake to rest at cool room temperature 1–2 hours.
The frosting will soak in a little and the layers will settle together for a clean slice.