I’ve had this spot on the shaft of my penis coming up on 2 months now. i shave frequently so my first thought was an ingrown hair but those usually resolve themselves on there own.
There’s no hair in the middle I can see. It doesn’t itch or burn however it is sensitive if pressed or squeezed.
The area of skin looks rather irritated - I would suggest you carefully avoid touching this when shaving for as long as you can until this is resolved. If you have keen eyesight you can trim any hair from the area with a small pair of scissors.
It may take some time to sort this, first you need to let the skin heal, then deal with a potential ingrown hair if that is part of what is going on