Seven Portuguese supermarket managers and five others of Portuguese origin have been released after they were arrested by Venezuelan authorities for "breach of law", according to Portuguese media reports on Wednesday.

Portuguese Prime Minister Antonio Costa said Wednesday he was pleased to note the release.

"I welcome the release of our compatriots in Venezuela. I congratulate the Embassy of Portugal in Caracas and the entire team of the Ministry of Foreign Affairs that have contributed to the successful resolution of this situation," wrote Costa on his Twitter account.

Portuguese Foreign Minister Augusto Santos Silva warned on Monday that the Venezuelan move would have consequences in bilateral relations.

The Portuguese nationals and descendants were arrested last week and accused of overcharging basic items.