Welcome to health care magic,
It could be balanitis
or some allergic rashes over the penis but must be confirmed by clinical examination before coming to a certain conclusion.
Here,there is no need to be scared because it can be diagnosed easily with clinical inspection and can be treated with appropriate medications.
So,The important thing is to diagnose it first by a clinical examination by a general surgeon
or a dermatologist by doing inspection and palpation.
The following treatment would be helpful apart from applying coconut oil.
1) Hot Sitz bath-
Sit for 15-- 20 minutes and also clean off any clear or whitish secretion. Do it at least twice a day.
2. Local Steroid cream/ointment application- Clean off and wipe off the area clean and dry,following which apply local steroid ointment like betamethasone
The infection should start subsiding after 3 to 4 of Ointment application.
3. You can be given oral antibiotics
like cephalosporins (cefadroxyl or cefixime) or quinolones or macrolides but only after complete clinical examination.
Better to consult dermatologist
for further evaluation.
Hope this information will be helpful to you.