Heat oven to 350 degrees. Oil 8-by-12-by-2-inch pan with olive oil and line bottom with parchment paper.
In a bowl, whisk flour, sugars, salt, baking soda, and powder. In another bowl, whisk 1¹/₃ cups olive oil, milk, eggs, lemon zest, juice, and limoncello. Add dry ingredients; whisk until just combined.
Pour batter into prepared pan and bake 60–75 minutes until top is golden and a cake tester comes out clean. Transfer cake to rack; let cool 30 minutes.
Run knife around edge of the pan, invert cake onto rack and let cool completely about two hours.
Sprinkle with powdered sugar, lemon zest, and lemon rings right before serving, if desired.
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