Remove lid from Instant Pot and set to sauté setting. Set the timer to 5 minutes and let Instant Pot pre-heat. Once finished pre-heating, add the oil and the onions and carrots and let cook, stirring occasionally, for 4 minutes.
Add the garlic, mix together for 30 seconds and pour in the entire can of Tuttorosso peeled plum tomatoes. (At this point, the saute function should be turned off, or automatically turned off itself but it's still really hot.) Using a potato masher, carefully smash the tomatoes until flat. Pour in the chicken stock, tomato paste, dried oregano, dried parsley, sugar and season with salt and pepper. Mix together, place the instant lid on, lock and secure the lid and cook on high pressure for 12 minutes. See notes below if you are unsure of how to do this.
Once 12 minutes is finished, release the pressure manually. Remove the lid and make sure your instant pot is off. Using an immersion blender, place directly into the instant pot insert and blend the soup to your desired consistency. Be careful, the soup will be very hot. Blend, stir, and taste. Season with more salt and pepper if needed. Serve and enjoy! I especially love this soup with a grilled cheese sandwich!