Have you cured it yet because I am suffering form the exact same problem and not sure how to treat it. I have been using tissue oil and refrained from intercourse but it doesn't seem to be healing.
I have had what I think to be a similar problem on an off. The area gets inflamed and the skin flakes off. Originally I was applying triple antibiotic ointment and that helped a little but it didn't do that much. Instead I tried applying a topical steroid (clobetasol propinate, USP 0.05%) I received awhile back for eczema. This has helped a lot more and usually clears it up in a few applications, it is a steroid so be careful as over application would be bad. I found that putting a band-aid over it (not very fun removing) helped it go away in even fewer applications.
You have sensitive skin down there my friend. It is quite common. You should consider using a penis health creme every day. These are applied directly to the penis skin and can help with the exact issue you described above. Get one with Vitamin E and shea butter (both natural ingredients and excellent for the skin) and you should see positive results in a few days. Good luck.
Where do you find this cream please?