What Could Oily Ring Around The Head Of Penis With Redness Around The Tip Mean?

My penis has a oily ring around the head and the skin around the tip is red. About three weeks ago the skin around the head split in two small places. Now there appears to be about a dime sized horseshoe shaped ing on the left side of the head of my penis. I have not developed any blisters but the skin around these areas is tender. Please help