The incident took place last night when the tanker driver overturned the vehicle on the duo after hitting a wooden booth while trying to avoid hitting a cyclist, they said.
Sahezad alias Kabutar (18) and Raj Kumar (22), both residents of Aurangabad area, were killed on the spot in the accident.
Angered by the mishap, local people protested and blocked the traffic on Mathura-Aligarh road for over two hours.
"The road blockade was called off by the angry residents when SDM Chandani Singh and SP (city) Ashok Kumar persuaded the crowed of maximum possible compensation to next of kin of the victims," a police official said.