Preheat the oven to 325°F (165°C).
In a large mixing bowl, combine the oil, eggs, whole milk, lime zest, and lime juice. Beat the mixture for 2 minutes until smooth.
In a separate bowl, mix together the sugar, flour, baking powder, baking soda, and salt. Gradually fold this into the egg mixture.
Grease two 9-inch or three 8-inch cake pans with nonstick spray. Pour the batter evenly into the prepared pans.
If using three 8-inch pans, bake for 20-26 minutes or until a toothpick inserted in the center comes out clean. For two 9-inch pans, bake for 30-36 minutes.
Let the cakes cool completely before frosting.