Fordyce spots is normal skin condition present in most of the males.. it's completely normal and doesn't need any treatment.
They are just ectopic sebaceous glands.
Coconut oil or any other oil is not advised to apply. It doesn't cure fordyce spots.
Next Steps
consult me/any Dermatologist for more information.
Health Tips
personal hygiene: DO NOT APPLY any oil/cream/soap over glans penis (head of penis). it's a highly sensitive area and can get contact dermatitis.
WASH ONLY WITH PLAIN TAP WATER DURING BATH.