Heat the olive oil in a paella pan or a large, wide skillet over medium heat. Add the finely chopped onion and bell pepper and sauté until soft, about 10 minutes.
Add the minced garlic and cook for another minute until fragrant. Stir in the grated tomato and cook for 5-7 minutes, until the water has evaporated and you have a thick, flavorful sofrito.
Add the diced squid or cuttlefish to the sofrito and cook for about 5 minutes, until it turns opaque. Dissolve the squid ink sachets in a small amount of warm seafood stock and add it to the pan. Stir to combine.
Add the rice to the pan and stir for a couple of minutes to toast it and coat it in the black sauce. Pour in the remaining seafood stock, season with salt, and bring to a boil.
Once boiling, reduce the heat to a simmer and cook for about 18-20 minutes, or until the liquid has been absorbed and the rice is cooked. Do not stir the rice during this stage. If you prefer a crispy bottom ('socarrat'), increase the heat for the last 2 minutes.
Remove the pan from the heat and let it rest for 5 minutes, covered with a clean kitchen towel. Serve immediately with a generous amount of alioli on top and a garnish of fresh parsley and lemon wedges.