Baluchistan Home Minister Agha Omer Bangulzai told Reuters that the death toll in the attack had risen to 128 people, with over 150 wounded.
It was the second election-related violence to occur on Friday.
Raisani was the younger brother of former provincial chief minister Mir Aslam Raisani. Sharif, who was ousted by the Supreme Court previous year and convicted in absentia of corruption a week ago, arrived in the country to rally his party ahead of the general elections.
Sharif's son-in-law is now serving his one-year prison sentence on the same charge, which stems from the purchase of luxury apartments in Britain that the court said were bought with illegally gotten money.
All roads leading to the airport and entry points into Lahore from adjoining areas were barricaded to prevent a large turnout of PML (N) supporters at the airport. Local Geo TV said Sharif and his daughter were taken to another waiting aircraft to be flown out of Lahore, where more than 10,000 Sharif supporters were gathered to greet him.
Police had earlier said more than 1,000 people were in attendance at the rally. He also used the opportunity to again criticize Pakistan's powerful military, which has ruled the country directly or indirectly for most of its 71-year history, saying Pakistan now has a "state above the state".
During his term in office, Sharif criticised the military's involvement in civilian affairs and its efforts in fighting extremists. Police say the attack took place 50 metres away from Durrani's election rally. This was the first major incident of violence ahead of the elections in Pakistan.
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The explosion comes hours after four people were killed and 39 injured when a bomb hidden inside a motorcycle detonated near a Pakistani politician's convoy in the country's northwest on Friday, near the Afghan border.
Initial investigation suggested it was a suicide attack, Lashari added.
Durrani is running in the July 25 vote against popular former lawmaker Imran Khan. He is a candidate of Muttahida Majlis-e-Amal, an election alliance of radical religious groups.
Siraj's teenage son, Akmal Raisani, had also been killed in an attack during a football match in the same district in 2011.
Another 45 people were hurt in the attack in Mastung, a town in southwest Baluchistan province. "Strongly condemn the terrorist attack on Akram Durrani & his convoy", he wrote.
"There seems to be a conspiracy to sabotage the 25 July elections but the people of Pakistan will not allow any design meant to target these historic elections to succeed", he continued.
Days earlier a bomb claimed by the Pakistani Taleban targeted a rally by the Awami National Party (ANP) in the city of Peshawar on Tuesday.