Wash the rice thoroughly in several changes of water until the water runs nearly clear. Drain it in a fine-mesh strainer for at least 15 minutes to ensure the grains are dry before cooking.

If using the stovetop, place the rice in a pot and stir in the sugar, salt, and coconut oil. Pour in the coconut milk and water, then bring to a boil.

When the lid starts to rattle, give the rice a quick stir, then cover and reduce the heat to the lowest possible setting. Cook for 10 minutes.

Remove the pot from the heat and let it rest, covered, for 15 minutes to allow the moisture to distribute evenly. Fluff with a fork before serving to keep the grains separate and light.