Can a VI peel or other chemical peel help with hyperpigmentation around mouth/in my nasolabial folds? (Photo)

I am a 23-year-old female with acne-prone combination skin. I have currently on spironolactone 50 mg daily for about a month now. I have always had mouth hyperpigmentation, but it recently got worse around 4 weeks ago. I also incorporated tretinoin 0.05 % about 2 months ago, which I dont know if it contributes to the pigmentation. The skin in my folds has gotten dark and sometimes has dry, flaky skin. I wanted to know if a chemical peel could help with lifting this pigment and getting rid of it