Begin by turning your Instant Pot to the 'Sauté' mode. Add 1 tablespoon of olive oil and let it heat for about a minute. Once hot, add the diced onion (or onion powder if using) and sauté until translucent, about 2-3 minutes. Then, stir in the minced garlic and cook for an additional 30 seconds until fragrant.
Next, add the 2 cups of long grain white rice to the pot, stirring to coat the rice in the oil and aromatics. Then, add the 2 tablespoons of tomato paste, mixing well to combine all the flavors.
Now it's time to add the liquids. Pour in 3 cups of vegetable or chicken stock, ensuring that the rice is fully submerged. Add 2 teaspoons of salt, 1 teaspoon of ground cumin, and 1 teaspoon of black pepper. Stir to combine.
Secure the lid on your Instant Pot and set it to 'Manual' or 'Pressure Cook' for 6 minutes. Once the cooking cycle is complete, allow for a natural pressure release for 10 minutes before manually releasing any remaining pressure.
Carefully open the lid and use a fork to fluff the rice. Serve hot, garnished with fresh cilantro and diced tomatoes for a pop of color and flavor.