C152 Flight Instructor reports being unable to maintain the runway centerline during a touch and go with a student in the left seat. Left rudder does not correct a right drift and the takeoff is rejected with the aircraft contacting a runway light as it departs the runway.

Narrative

I was the Flight Instructor and pilot in command of a Cessna 152 doing traffic pattern with my student and practicing forward slip to land; after landing the aircraft safely I personally cleaned the aircraft up for the touch and go phase; by carburetor heat off and flaps up and I added full power. The aircraft stayed on the center line for a little time and I noticed the aircraft going off to the right at around 40 KTS and I told the student again that I have full controls. I added left rudder to keep the aircraft on the center line; instead of aircraft turning to the left it lifted the right wing and at that second I noticed there is something wrong since the wind was reported calm. I idled the aircraft and I called Tower to abort takeoff and again tried to correct it by adding left rudder so the aircraft will not go off the runway. This time the aircraft showed a drift to the left followed by lifting the right wing again. The aircraft slowed down by 4-5 KTS from the rotation speed of 55 KTS and I used the brakes and aerodynamics breaking to slow the aircraft down. The aircraft continued to show a right turn and was starting to leave the runway to the grass. I kept the elevator all the way up so that there will not be any damage to the prop. The aircraft knocked one runway light down and there is no damage to the aircraft. I truly believe that the student might have kept the right rudder on even after I told him that I have the flight controls; there is no other way I can think that could let the aircraft go to the right.