In a wide, medium-sized saucepan, heat the oil on medium-high heat for 15 seconds.
After 15 seconds, add the chopped green and red peppers, chopped onion, crushed ginger and the pineapple chunks, then sauté them for 2 - 3 minutes while stirring.
Add the honey and the ginger powder, and stir for 30 seconds. Next, add the ketchup, water, and vinegar, and stir for another 30 seconds.
Cover the pot, reduce heat to low, then let the sauce cook for 1 - 2 minutes.
If the sauce is too thick, add 1-2 tbsp of water and allow it to cook for another minute. If the sauce is too thin, add 1 tbsp of ketchup at a time, and stir until it has a 'syrup-like' consistency.
Taste the sauce. If it needs a 'kick' of tanginess, add 1/2 tsp. vinegar. If it isn't sweet enough, add 1/2 tsp. honey or brown sugar.