How Can Penis Shaft Rashes With Itching Be Treated?

I am a 22 year old male, I have come to notice some red patch on the shaft of my penis. I have been dry masturbating and think this maybe a cause as i have only had 2 sexual partners one when i was young and it was both our first time and ended the relationship and did not have another sexual partner till about 7 months ago and even after that i had nothing to worry about as i was only her 2nd partner and she has been tested. I have been watching this progress to now there is 2 rash looking spots one about a inch wide but there is not cracks and no signs of it opening but around the base of the head on the underside there is a 2 other spots one looking like a smaller rash and one round with what appears to be an indention but not opened. On the side where the large rash is there is a section right as the base of the head if i stretch the skin i can see small section that looks scaly and feels dry. Also there is a series of 3 papuals grouped closely together at the base of the head on the underside. I bought an anti fungal cream as well but have noticed some slight suppression but i am wondering if its just moisture of the cream or its actually a fungal infection. I have been under a lot of stress as i am myself a medical student along with a lot of family issues and wondering if this might be something stress related. I have dry skin by nature but as stupid as it is i hate the feeling of lotion to the point i have avoided it. there is also itching that comes and goes but it has no defined location. sometime it almost feels internal. It doesn't burn when urinating. I have had an open lesion in the past but it heal and went away rapidly and i thought it was the outcome of shaving and masturbating before it healed making the wound worse but neosporin and a few days it was gone Any answers you might be able to give would be a great help.