Hello,
The symptoms that you are having can be due to balanoposthitis. Balanoposthitis is the inflammation of the glans penis along with the prepuce. It can occur from a number of causes like physical trauma, irritation by environmental substances or by infection. The treatment depends on the underlying cause.
Oral course of antibiotics is needed. In addition, please don’t use any cosmetics on the penis, instead use some topical antimicrobials like Bacitracin or Lotrimin. Also corticosteroids and topical immunosuppressants can be used but they are available under prescription. Also retract the foreskin daily and soak in warm water to clean penis and foreskin. In case the symptoms persist then please consult a urologist/dermatologist for evaluation and antimicrobials and steroids prescription.
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.
Also, one time it was really bad where the actual foreskin itslef was dry, peeling and cracked and even bled (painful) and sometimes I get one or two small dry peeling patches on the shaft as well.