Welcome to Health Care Magic.
I have gone through your query.
Based on the description given by you , you might well be suffering from Dermatophyte Infection
( Dermatophytes are a type of fungi that cause skin infection
Dermatophytic infection are commonly termed as ringworm.
It is a superficial infection and shall subside on applying creams containing antifungals. Please keep the affected area as dry as possible because moisture aggravates it.
You have not mentioned whether you are sexually active or not. Ring worm
effecting only penis can be due to sexual contact with an individual who already have this infection.
Taking anti histaminics like levocetrizine will relieve the itching.
Anyways please see a dermatologist
and take his opinion.
Wish you a healthy Life.