Heat the oil in a deep fryer or heavy pot over medium-high heat to 350°F (175°C).

Prepare the dry mix by combining flour, garlic powder, paprika, salt, and black pepper in a bowl.

Set up dipping stations with buttermilk, dry flour mixture, and panko breadcrumbs.

Coat each onion ring in buttermilk, then flour mixture, back to buttermilk, and finally panko breadcrumbs.

Fry the coated onion rings in batches for 2-3 minutes until golden brown.

Drain the onion rings on paper towels and serve warm with your favorite dipping sauces.