Yes, there is.
You double the consonant if you have the combination CVC (consonant/vowel/consonant) as the last three letters of the present tense of the verb.
This applies to single-syllable words (such as 'tip') and to polysyllabic words where the last syllable bears the stress ( such as 'refer').
sit - sitting
swim - swimming
hug - hugging
hit - hitting
run - running
and
refer - referring
permit - permitting
Compare 'hit' with 'heat', for example. 'Hit' has the CVC sequence, so you double the consonant - hitting - whereas 'heat' has the sequence VVC, so you don't double it - heating.
Or compare the two words 'hoping' and 'hopping'.
'Hoping' comes from the verb 'hope' - you take off the 'e' and add -ing. This word has a long 'o' sound.
'Hopping' comes from the verb 'hop' (meaning to do a little jump). 'Hop' has the sequence CVC, so you double the consonant to make 'hopping'. This word has a short 'o' sound.
As you can see, it's all about long and short vowel sounds. Basically, the short vowel sounds need a doubled consonant and the long ones don't.
NB One grey area is polysyllabic verbs ending in 'l' which are spelt with a single 'l' in US English (traveling), but a double 'l' in British English (travelling) even though the last syllable isn't stressed. That's the only exception to the rule.