Is this Balanitis or what?

What is lip type structure at the top of my glans? Is it normal to have that?

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Any ideas!

This is not Balanitis - that is irritated skin of the head / foreskin of the penis. What you could have is this is quite a normal development to your Meatus, which is the external outlet for the urethra.
What you need to be cautious of is if you have been sexually active and you have not used condoms as I have seen growths like this due to HSV / HPV exposure …

I have not been sexually active. I am a virgin. What could be the causes?
I have also been a frequent masturbator. Today, it was a bit red.

Okay, thankfully you have nothing sexually related. Thank you for stating about your masturbation as this could give a real clue about the cause: do you use a skin cream, baby oil or any other form of Lube each time you are masturbating?
So your Meatus is becoming inflamed and if it is worse sometimes than others and this will be due to the masturbation. If you want to do your penis a really big favour you need to reduce the amount of times you are masturbating - limit yourself to 2 or 3 times a week to start with, then if that has little beneficial impact you will no to stop altogether for 2 or 3 weeks or even 2 or 3 months to help your penis recover.
You cannot use a skin treatment cream or ointment for this as this may go inside your urethra and cause another problem.
If this does not heal itself within a few months certainly, you may need to get a specific medication from a Medical Professional: do you have a Family / Regular Doctor or GP that you can go to … ?

Thanks a lot for the clearance. I am gonna use the baby oil for now and check the differences.
As for a family doctor, I have one but I feel insecure about showing this to her. The reason is because she’s young. I feel embarrassed. So, I am gonna look for a male doc in that case.

Hello,

I have this exact same issue currently, have you seen any improvements and has the reduction of masturbating helped ?

Thanks