Heat oil in a pan over medium heat.
Add jasmine rice and cook, stirring frequently, until the rice is lightly browned and toasted. Avoid burning it for best texture.
Pour in the water and tomato sauce, then mix to combine. Bring to a gentle simmer.
Season with tomato bouillon, chicken bouillon, and garlic powder, stirring until dissolved.
Reduce the heat to low. Cover the pan tightly with aluminum foil, then add the lid to trap steam for even cooking.
Cook on low for 20 minutes without lifting the lid.
Fluff the rice with a fork and serve warm as a classic Mexican side dish.