Is it on the foreskin or on the actual penis?
Hello,
This type of itchy and red skin of penis can be due to fungal infection like tinea cruris or eczema. It is better to get it examined from a dermatologist first to confirm the diagnosis as steroids used for treatment of eczema may worsen the symptoms if they are due to fungal infections.
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.