Heat oil in a large saucepan over medium heat. Add onion, pepper and garlic; cook and stir 4 to 5 minutes or until vegetables are soft.
Add cheeses, cream and milk' heat mixture until cheeses melt and mixture is simmering. Stir in tomatoes (including their liquid), tomato juice, basil, sugar and pepper.
Continue to simmer mixture for 1 5 to 20 minutes while stirring constantly. Do not boil. Makes 8 servings. Enjoy!