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Rinse the rice in a colander until the water runs clear.
Add vegetable oil to the bottom of the pot, and spread it so it covers the pot very well.
Add the rice, salt, bay leaves, followed by water. Add 3 cups of water (or enough water to cover the rice by ½ inch).
Stir everything together quickly, cover the pot with the lid.
Press on MANUAL or PRESSURE COOK on high, and set at 4 minutes.
Allow the Instant Pot to come to pressure and cook for 4 minutes, then naturally release the steam for 10 minutes.
Carefully open the lid, and fluff the rice with a fork.
Mix in chopped cilantro, lime juice, and lime zest. Mix well, and serve.