Whisk together the ketchup, water, white sugar, brown sugar, vinegar, mustard, salt, pepper, and paprika in a large saucepan. Bring to a simmer over medium-high heat; reduce heat to medium-low and simmer 15 minutes.
1 (14 ounce) bottle ketchup, ¼ cup white sugar, 1 tablespoon brown sugar, 1 tablespoon red wine vinegar, 1 tablespoon prepared yellow mustard, 1 teaspoon salt, ¼ teaspoon ground black pepper, ¼ teaspoon paprika, ½ cup water