diff --git a/litellm/proxy/proxy_server.py b/litellm/proxy/proxy_server.py
index 402063177a6..b871df6f9f8 100644
--- a/litellm/proxy/proxy_server.py
+++ b/litellm/proxy/proxy_server.py
@@ -265,6 +265,7 @@ from litellm.types.llms.anthropic import (
 )
 from litellm.types.llms.openai import HttpxBinaryResponseContent
 from litellm.types.router import RouterGeneralSettings
+from litellm.types.utils import StandardLoggingPayload
 
 try:
     from litellm._version import version
@@ -775,10 +776,14 @@ async def _PROXY_track_cost_callback(
         org_id = metadata.get("user_api_key_org_id", None)
         key_alias = metadata.get("user_api_key_alias", None)
         end_user_max_budget = metadata.get("user_api_end_user_max_budget", None)
-        if kwargs.get("response_cost", None) is not None:
-            response_cost = kwargs["response_cost"]
+        standard_logging_payload: Optional[StandardLoggingPayload] = kwargs.get(
+            "standard_logging_object", None
+        )
+        if standard_logging_payload is None:
+            raise ValueError("Standard logging payload is missing from kwargs")
+        response_cost = standard_logging_payload.get("response_cost")
+        if response_cost is not None:
             user_api_key = metadata.get("user_api_key", None)
-
             if kwargs.get("cache_hit", False) is True:
                 response_cost = 0.0
                 verbose_proxy_logger.info(
@@ -838,7 +843,7 @@ async def _PROXY_track_cost_callback(
                     f"Cost tracking failed for model={model}.\nDebug info - {cost_tracking_failure_debug_info}\nAdd custom pricing - https://docs.litellm.ai/docs/proxy/custom_pricing"
                 )
     except Exception as e:
-        error_msg = f"error in tracking cost callback - {traceback.format_exc()}"
+        error_msg = f"Error in tracking cost callback - {str(e)}\n Traceback:{traceback.format_exc()}"
         model = kwargs.get("model", "")
         metadata = kwargs.get("litellm_params", {}).get("metadata", {})
         error_msg += f"\n Args to _PROXY_track_cost_callback\n model: {model}\n metadata: {metadata}\n"