Well, almost a year ago, I noticed a tiny, itchy cut on the base of my penis that just wouldn't go away. I know, it's a terrible place for skin to heal, as it's always stretching whenever I get an erection. Whenever the cut showed signs of healing, a similar one appeared on the other side and occasionally it was present on both sides. I assumed it was just dry skin. Back then, I just stopped masturbating for a while and it seemed to get better to the the point that I just ignored it. It itched every once in a while but I had grown used to it. Now I happened to notice it once again, and it made me a bit worried. It doesn't seem to be very dangerous or anything though. I mean, you can barely call it a "cut". It's more like peeled off skin, seeing as it never bleeds or hurts, just itches. I haven't talked to a doctor about it, and decided I'd ask here first.
PS. I admit the pic's not very good. I hope you can see the problem clearly enough though.
It can be due to dry skin, eczema or dermatitis skin. The mainstay of management is liberal use of moisturizers after washing with luke warm water. Soap should be used minimally. Moisturizers should be reapplied liberally during the day. You can also use a topical cortisone (steroid) cream or ointment. Adding a humidifier to the central heating system of your home or using a humidifier also helps.
If still the symptoms persist then other possibilities need to be ruled out.
It is very difficult to precisely confirm a diagnosis without examination and investigations and the answer is based on the medical information provided. For exact diagnosis, you are requested to consult your dermatologist. I sincerely hope that helps. Take care and please do keep me posted on how you are doing.