Looks like a cyst. Keep spot-treating with BP. 10% glycolic acid can also help. Hopefully it will just shrink back down without breaking the skin. If eruption is inevitable, then some members have had luck with PRID black drawing salve to draw out the infection. It's available at most drugstores and you just apply and stick a Band-Aid over it. Here's the link to the thread if you're interested:

http://www.acne.org/messageboard/topic/337637-black-drawing-salve-is-a-lifesaver/#entry3432367

Thank you for your reply. I am currently in EU and finding PRID/ anything similar seems like a stretch. The BP has been peeling the top layer every time I use it. Do you recommend to keep doing this? I also have mupirocin, wasn't sure if that could help reduce the swelling/infection.
Thanks

Hi,
Oh dear, looks like you have a cystic spot growing, if so it will get bigger and painful,I first started getting mine at 15,took me 10 years to find out what was causing them,as one disappeared a new one would start,the problem is the pus is deep inside,unlike a pimple where the head will surface and a pinprick and a squeeze will see it die.