Combine oil, sugar, egg, and molasses together.
Add in flour, baking soda, cinnamon, ginger, cloves, salt and mix again.
Stir in hot water and mix well.
Grease bunt pan with butter or oil. Pour in batter.
Add 2 cups water, trivet then bundt pan on top. Close Instant Pot.
Select cake button, high pressure cooking, for 35 minutes.
When done, quick release. Remove from pan and serve.