Musharraf, who narrowly escaped an assassination arrempt this month on the same road, was not hurt, a spokesman said.
"The President and all his companions are safe and sound," Major-General Shaukat Sultan said.
The blasts were carried out by a suicide bomber who had been travelling in a small vehicle, a senior police officer said.
Several people are feared wounded or killed in the latest blast.
"The explosions shook my house. A body has been thrown just in front of my house," a resident said by telephone.
He said he believed there were many casualties.
The private Edhi Welfare Trust said it had sent ambulances after receiving information about "some casualties".
"We are waiting for exact details," an Edhi Trust official said.