Melt the butter using either a microwave or stovetop. Once melted, incorporate the milk and oil, whisking until well blended. Set aside to cool slightly.

In a large mixing bowl, sift together the flour and baking powder. Stir in the granulated sugar and salt until evenly distributed.

Create a well in the center of the dry ingredients. Gradually pour in the wet mixture, stirring gently with a spoon until a dough forms. If the dough feels too sticky, add a small amount of flour (approximately 1 tbs) to achieve a workable consistency. Do not knead.

Transfer the dough to a floured surface. Flatten it to approximately ½ inch thickness using your hands or a rolling pin. Cut out shapes using a donut cutter or a round glass for the outer shape and a smaller cutter for the center hole.

Heat oil in a deep pan or pot until it reaches approximately 350°F (175°C). To test the oil, drop a small piece of dough into it; the dough should float and turn golden brown. Fry the donuts in small batches for 3 minutes on each side or until evenly golden. Remove and place them on a plate lined with paper towels to drain excess oil.

In a medium bowl, whisk together the powdered sugar and hot water until smooth and silky. Dip the warm donuts into the glaze, allowing excess to drip off. Place the glazed donuts on a wire rack to set.