How can I treat dry, red skin near the tip of my penis?

Psoriasis is common. On the head of the penis. It looks like red areas, often circular, and can be quite scaly or flaky. Psoriasis is not contagious. You can try a few days of 1% Hydrocortisone cream (over the counter) but it would be advisable to see a dermatologist to confirm that this is what's going on. In general we try to avoid steroid creams on the genitals unless you know for certain the diagnosis.