Whatever you do don't squeeze it! Sounds like an ingrowing hair, probably caused by shaving, which has become infected. If it doesn't go away from putting germoline on it (which is a pretty effective antiseptic) then chances are the infection has taken hold strongly enough that you won't be able to get rid of it yourself, either through your own immune response or by using topical medicine. If you cannot see a clear pore through which the pus could escape, squeezing it is just about the worst thing you could do, as it will probably burst under your skin and then the crap will just spread in your bloodstream. The best thing you can do is get a doctor to take a look. Perhaps it could be lanced or the doctor may give you a course of antibiotics. If you dont' like the doctor you normally have, ask for a different one, or go to an NHS walk-in clinic where you never have to see them again. I know it's really embarrassing, especially the first time a doctor pokes around down there, but if you've had it for months then it's really time to get it sorted out in case the infection spreads and you end up with a real problem.
Edit: And you can stop it happening again by using a different razor blade to shave your bikini line than the one you use for your underarms and legs, and when it's not in use keeping it in a little pot of disinfectant like hibiscrub, plus changing it really regularly of course; blunt razors do not mix well with intimate areas. A few drops of tea tree oil mixed with your normal moisturiser will also keep any newly shaved areas nice and clean.