Add olive oil to a saucepan or dutch oven and warm over medium heat. Once hot, add the peppers and onions. Cook, stirring occasionally, for 10 minutes.
Add the tomatoes and cook another 5 minutes. Stir in vinegar, sugar, garlic powder, paprika, and salt. Bring to a low boil, reduce heat to medium-low and simmer for 15-20 minutes.
Transfer to a jar or container with a lid and let cool to room temperature. Store in the refrigerator.
Notes
Makes about 2 cups.
This recipe is not suitable for canning. Store in the refrigerator.